FleetCor Technologies has completed its purchase of business-to-business electronic payments provider Comdata.
The Norcross, Ga.-based fleet card provider announced in August its plans to buy Comdata for $3.45 billion. Comdata was previously owned by Ceridian LLC, a portfolio company of funds affiliated with Thomas H. Lee Partners and Fidelity National Financial.
Thomas Hagerty, a THL managing director, will join FleetCor's board of directors with the closing of this deal, according to a Nov. 17 press release.
Comdata, which processes over $54 billion in payments annually, provides fleet, virtual card and gift card products to over 20,000 customers. Comdata's fuel payments clients include Lowe's and Quick Fuel.
"We believe this acquisition has great potential, particularly the corporate payments business, which will add a completely new growth leg to FleetCor," company Chairman and Chief Executive Officer Ron Clarke said in the release.
In early 2013, FleetCor bolstered its fleet payment technology through its purchase of Telenav, which sells technology that tracks the location of truck drivers and mobile workers who buy gas and other items while on the job.