C.H. Robinson Worldwide said late Tuesday it has sold its payment services business, T-Chek Systems, to Electronic Funds Source for $302.5 million in cash.
T-Chek, which has been a subsidiary of C.H. Robinson since 1984, had annual payment services net revenue of $49.3 million and operating income of $24.6 million in 2011.
T-Chek is a business-to-business provider of spending management and payment processing services. Its technology supports a variety of funds transfer, vendor payment, fuel purchasing and online expense management tools.
Historically, T-Chek has focused on the transportation industry with its major customer segments including the truckload less-than-truckload, and private fleet industries, and truck-stop chains.
“T-Chek is a high-quality company with strong customer relationships, very good technology and talented, dedicated employees,” said Scott Phillips, CEO of EFS.
“The acquisition will . . . add a successful business and outstanding team to our portfolio. We look forward to welcoming the business and its employees into the EFS organization,” Phillips said in a statement.