FleetCor Technologies, Inc. (NYSE:FLT
) is a niche provider of payment processing technology and private label fuel credit cards to companies that operate vehicle fleets and to gas station operators. Its cards allow fleet owners to monitor and control their fuel spend while reducing fraud. FleetCor also manages the fuel card businesses for major oil companies, such as BP and Chevron. The company's shares rose as its organic revenue growth rate increased, and its overall growth rate accelerated even faster as a result of several accretive acquisitions.We expect FleetCor to continue its successful expansion into fast-growing emerging markets, including Russia and Brazil, where fuel cards have low existing penetration rates. In addition, we believe that FleetCor will continue to sign partnerships with major international oil companies to outsource their fuel card programs.
From Baron Funds' first quarter 2013 letter.