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France's Edenred completes acquisition of Florida-based fintech firm

France-based Edenred SA has entered the North American corporate payment market with the acquisition of Corporate Spending Innovations, a Florida-based provider of automated corporate payment software in North America.

Edenred, a transactional solutions provider to companies, employees and merchants, acquired Corporate Spending Innovations for about $600 million. The transaction will be accretive to group EBIT from 2019 and to net profit, group share from 2020.

Corporate Spending Innovations processed about 900,000 transactions in 2018, for payment volumes of about $11 billion. The fintech company also forecasts adjusted EBITDA of $26 million for full year 2018. Edenred expects Corporate Spending Innovations to generate annual revenue growth of around 20% in the coming years.

In addition, Edenred completed its acquisition of 80% of the share capital of The Right Fuelcard Co. Ltd., a fuel card program manager in the U.K. The acquisition, which establishes a foothold for Edenred in the U.K. fleet and mobility solutions market, represented an outlay of approximately £95 million for Edenred. The acquisition will be accretive to Edenred's EBIT and net profit, group share from 2019.

Corporate Spending Innovations and The Right Fuelcard will be fully consolidated in Edenred's financial statements as of Jan. 1.