February 19, 2013 /EIN Presswire/
-- Specialist in employee benefits programmes Edenred
has announced its entry into the Colombian market with the acquisition of Big Pass, a major local player in Edenred's core market.
This move demonstrates the Group's strategic focus on geographic expansion, and puts it further on track to achieve its goal of entering between six and eight countries between 2010 and 2016 (Two new countries have already been added: Finland in 2011 and Japan in 2012.).
The acquisition of Big Pass represents the landmark 40th country in which Edenred has started operations.
Big Pass is Colombia's second largest local provider of employee benefits solutions, with more than 20% of the market. It offers a full range of diversified solutions including food, transport and gift vouchers. With 3,000 clients, 180,000 beneficiaries and 28,000 affiliated merchants, the total value of benefits issued by Big Pass reached nearly EUR100 million in 2012.
With this transaction, Edenred is entering a country with high potential shaped by a dynamic economic environment and favourable regulations for employee benefits (Companies are exempt from payroll and other taxes on an average face value of around EUR75 per employee per month.)
"We are very pleased to integrate Big Pass, a recognized player in employee benefits in Colombia," said Jean-Louis Claveau, Chief Operating Officer for Edenred in Hispanic Latin America and North America.
"This move enhances our presence in Latin America, a region that offers strong and promising growth for the group. In view of this challenge, Caio Bittencourt will lead our operations in Colombia. His mission will be to develop the group's two strategic paths, which are to implement the digital transition for existing solutions and to launch new solutions."
With emerging markets accounting for 60% of issue volume, Edenred is pursuing its strategy of geographic expansion. The Group is on target to meet its objective of launching in between six and eight countries between 2010 and 2016 and increasing geographic expansion's contribution to like-for-like growth in issue volume to between 1% and 2% after 2014 (Normalized target for like-for-like growth in issue volume over the 2010-2016 period of 6% to 14% a year. Normalized growth is the objective that management considers to be attainable if the number of people in work does not decline.)
Edenred, which invented the Ticket Restaurant(R) meal voucher and is the world leader in prepaid corporate services, designs and delivers solutions that make employees' lives easier and improve the efficiency of organizations.
Edenred solutions ensure that funds allocated by companies are used as intended. These solutions help to manage:
o Edenred Employee benefits
(Ticket Restaurant(R), Ticket Alimentaci?n, Ticket CESU, Childcare Vouchers, etc.)
o Expense management process (Ticket Car, Ticket Clean Way, Ticket Frete, etc.)
o Incentive and rewards programs (Ticket Compliments, Ticket Kad?os, etc.).
The Group also supports public institutions in managing their social programs.
Listed on the NYSE Euronext Paris stock exchange, Edenred operates in 40 countries, with nearly 6,000 employees, nearly 580,000 companies and public sector customers, 1.3 million affiliated merchants and 36.2 million beneficiaries. In 2011, total issue volume amounted to EUR15.2 billion, of which 58% was generated in emerging markets.
Ticket Restaurant(R) and all other tradenames of Edenred programs and services are registered trademarks of Edenred SA.
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