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American Company Says NZ Software Will Drive Its Global Growth

Fuseworks Media
Fuseworks Media

Wellington, Aug 30 NZPA - Wright Express Corporation, an American payment and information services supplier for vehicle fleets, says it has completed a $US9 million ($NZ12.94m) purchase of a New Zealand provider of fuel card processing software,

The Auckland company, Financial Automation will power Wright's new international operation, Forbe's magazine reported.

The transaction was financed through Wright's credit facility.

"Our goal is to expand beyond North America and offer fleet card solutions to major oil companies around the world," Wright Express chief executive Michael Dubyak said in a statement overnight.

Wright Express provides payment processing and information services to commercial and government customers with about 4.5 million vehicles in the their fleets.

The company is based in Maine, has more than 700 staff and is listed on the New York Stock Exchange, where it is valued at just over US$1 billion. Shares of Wright Express fell 32 cents to $29.77 in midday trading on Friday, Forbes reported.

Financial Automation's software system handles payment processing, credit management and transaction reporting.

The company is 20-years-old and counts large oil companies among its customers.

It has reported success in export markets, signing off a $2 million-plus deal with a Mexican fleet card company and other large deals in the US. At one point it supplied software to customers in 20 countries and had an office in Dallas, Texas with 10 staff.

Financial Automation, which was owned by its director Jeremy McGuinness, has declined to comment on the sale.

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