C.H. Robinson Worldwide today announced that it has reached a definitive agreement and has sold its payment services business, T-Chek Systems, Inc. (“T-Chek”), to Electronic Funds Source, 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. 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. Due to changes in the industry, T-Chek has expanded its business further into the financial services sector, to include funds transfer and expense management for other industries through its MasterCard® product.