Benzinga | Mar 29, 2021 04:19PM EDT

Dover Fueling Solutions Says Partners With EdgePetrol; Terms Not Disclosed

Dover (NYSE:DOV) announced today that it has entered into a commercial partnership agreement with, and acquired a minority interest in, EdgePetrol Limited ("EdgePetrol"), an innovative provider of cloud-based software for revenue and operating results management to the retail fueling industry. By entering this new strategic technology partnership, Dover will enhance its offering of software solutions to the global convenience retail industry.

Based in London, England and founded in 2015, EdgePetrol offers a Software-as-a-Service solution to help retail fuel operators optimize their station performance. The secure, comprehensive solution operates in the Amazon Web Service (AWS) environment and is a complementary platform for Dover Fueling Solutions ("DFS"), which offers the enabling devices to manage the flow of underlying data.

"This innovative fuel management software complements the DFS DX cloud-based solutions and will help our customers improve their business operations and results," said David Crouse, President of DFS. "This software can also be deployed in other applications, providing DFS with growth opportunities outside of retail fueling, including in renewable energy for transportation and various other retail verticals."

Crouse continued, "The minority investment we're making in EdgePetrol aligns directly with our goals of both growing our business through strategic partnerships such as these and broadening our solutions and products portfolio and roadmaps. Our commercial agreement enables DFS to market this product globally."

Terms of the transaction were not disclosed.