“In forming this joint venture company, we are committed to maintaining the high level of personal customer support and services our EFS clients have come to expect,” said Ed Labry, president of First Data North America. “We are pleased that in anticipation of this company’s formation, TCH has recently hired Scott Phillips, a well-known industry veteran, as its chief executive officer, who will lead the new venture.”
TCH offers payment cards for the transportation industry. TCH’s products are accepted at more than 7,500 locations in the U.S. and Canada and include TCH Fleet Fuel Card, TCH Express, FP Solutions, SFJ Express, TCH Fleet MasterCard, TCH SmartPay, and TCH Checks and MoneyCodes.
First Data provides security for online payment transactions.
“Outside of the obvious strategic benefits of combining these two highly complementary cultures, this merger will allow us to further accelerate the transformation of the payments landscape for our Industry” said Phillips. “We are excited to establish our role as the new Industry leader by bringing unparalleled service levels, customer driven innovation and new technology to make our Industry better.”
The merger is expected to be completed sometime in the middle of the fourth quarter of this year, the companies said. No terms were disclosed.