Benzinga | Apr 8, 2021 11:56AM EDT

Fleetcor Technologies Acquires Minority Interest In EV Re-Charging Software Platform Mina For Undisclosed Sum

* Fleetcor Technologies Inc (NYSE: FLT) has acquired a minority stake in cloud-based digital software platform, Mina. Mina's cloud-based platform has simplified charging and payments management for commercial fleets with electric vehicles (EVs).

* The financial terms of the transaction were not disclosed.

* The Mina platform combined with home and work charging points throughout the U.K. to capture energy costs accurately.

* Mina is the U.K.'s only EV charging solution that credited payment for the drivers' energy used while charging at home for business purposes to their energy provider.

* FLEETCOR can provide the Mina solution to commercial fleet customers shifting to EV by eliminating the payment complexities of expense reclaim and EV charging,

* The investment will help Fleetcor re-fuel and re-charge its vehicles, irrespective of their location, capitalizing on its re-charge energy capture and automatic utility payment, stated CEO Ron Clarke.

* Fleetcor held $935 million in cash and equivalents as of Dec. 31, 2020.

* Price action: FLT shares traded higher by 1.1% at $284.35 on the last check Thursday.