Acquisition ignites growth for B2B payments in North America, Europe and Latin America
Bonita Springs, FL – November 8, 2018 – Edenred SA, the world leader in transactional solutions for companies, employees and merchants, has signed a purchase agreement to acquire Corporate Spending Innovations (CSI), an industry frontrunner in electronic B2B payment solutions. The sale includes CSI Enterprises, Inc. and all its subsidiaries with business operations continuing under the CSI brand.
“As one of our most valued partners, Edenred has been able to support and enhance CSI’s global footprint for the past two years. This was truly a natural progression and an exciting move that will further ignite CSI’s impressive growth rates,” stated Keith Stone, CEO of CSI. “We’re also very excited for what this means for our clients and employees. We look forward to expanding our market leading position, innovative B2B payments platform, AP services, and support of our commercial bank partners with the Edenred team.”
Edenred embodies the same innovative approach CSI has always taken with product development and market-leading customer service. Their business model is fully aligned with CSI’s technology-driven and high-energy culture. This collaboration will strengthen and enhance each organization’s global operations. CSI already boasts best-in-class accounts payable technology, travel solutions, fleet/fuel card programs, and dual-issuing capability for Mastercard and Visa. This exceptional product suite, coupled with Edenred’s ecosystem of 770,000 corporate clients worldwide, will create an extraordinary opportunity for revenue generation.
“With the acquisition of this North American partner, which we know well, we now have many assets to become a major player in the buoyant corporate payment industry. CSI is indeed a well-established and fast-growing fintech. We are accelerating the development of this business line, which will contribute to generating more and more sustainable and profitable growth for the Group, particularly in the United States,” said Bertrand Dumazy, Chairman and CEO of Edenred.
SunTrust Robinson Humphrey served as the exclusive financial advisor to Corporate Spending Innovations in its sale to Edenred. “The team at STRH, led by Jamie Hamilton, were great partners to us at CSI as we explored strategic alternatives for our company,” said Keith Stone. “As a bootstrapped company since our founding, STRH did a wonderful job preparing us and shepherding us through this important milestone in CSI’s history.”
CSI provides enterprise-ready payment solutions to world-leading brands with their highly secure corporate payments platform that includes CSI Paysystems, CSI Travel, CSI Go, CSI Connect, CSI Invoice, and Global-Fleet fuel cards. CSI customers can automate 100% of B2B payables including virtual credit card, ghost card, proprietary network, ACH, check, or FX with cross-border payments settled in local currency. CSI is a certified Mastercard processor and has obtained Visa Ready for Business Solutions approval.
Edenred is the world leader in transactional solutions for companies, employees and merchants, with business volume of more than €26 billion generated in 2017, of which 78% through digital formats. Whether delivered via mobile, online platform, card or paper voucher, all of these solutions mean increased purchasing power for employees, optimized expense management for companies and additional business for partner merchants. Edenred’s offer is built around three business lines: Employee benefits, Fleet and mobility solutions, and Complementary solutions including corporate payments, incentives and rewards, and public social programs. The Group brings together a unique network of 44 million employees, 770,000 companies and public institutions, and 1.5 million merchants. Listed on the Euronext Paris stock exchange and part of the CAC Next 20 index, Edenred operates in 45 countries, with close to 8,000 employees. Learn more at www.edenred.com.