Transportation credit processing business Electronic Funds Source, LLC, (EFS) announced it has acquired T-Chek Systems, Inc. (T-Chek), of Eden Prairie, Minn., from C.H. Robinson Worldwide, Inc. for $302.5 million in cash. EFS acquired the assets and assumed certain liabilities of T-Chek.
T-Chek, which had annual payment services net revenues of $49.3 million and operating income of $24.6 million last year, is a business-to-business provider of payment processing services. T-Chek's technology supports funds transfer, vendor payment, fuel purchasing, and online expense management tools.
EFS said in a prepared statement that the company does not expect T-Chek customers to require a card change or reissuance, nor work with new customer support personnel as it systematically upgrades both applications.
Scott R. Phillips, president and chief executive officer of EFS, said T-Chek brings new markets and products to EFS in addition to seasoned human capital with strong industry experience.
T-Chek has 190 employees, most of whom are based in Minnesota. According to published reports, EFS expects to retain a Minnesota presence, and T-Chek's management is expected to assume key roles in the combined organization.
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