EDEN PRAIRIE (dpa-AFX) - C.H. Robinson Worldwide Inc. (CHRW) announced that it has reached a definitive agreement and has sold its payment services business, T-Chek Systems, Inc., to Electronic Funds Source, LLC or EFS for $302.5 million in cash. EFS acquired the assets and assumed certain liabilities of T-Chek.
T-Chek is a business-to-business provider of spend management and payment processing services. T-Chek's technology supports a variety of funds transfer, vendor payment, fuel purchasing, and online expense management tools.
T-Chek has 190 employees, most of whom are based in Minnesota. EFS expects to retain a Minnesota presence, and T-Chek's management will assume key roles in the combined organization.
Prior to the sale, C.H. Robinson purchased services from T-Chek, including services to advance funds to C.H. Robinson's contract carriers, and employee expense card services. C.H. Robinson has entered into a contract to purchase those services from EFS.
T-Chek had annual payment services net revenues of $49.3 million and operating income of $24.6 million in 2011. T-Chek has been a subsidiary of C.H. Robinson since 1984.
Copyright RTT News/dpa-AFX