World Fuel Services Corp has put Multi Service Technology Solutions, or MSTS, up for sale, three sources said.
Credit Suisse is advising on the process, the people said. Founded in 1979, MSTS is a B2B payments and credit solutions provider for companies in the transportation, manufacturing, retail and ecommerce industries.
MSTS, of Overland Park, Kansas, processes more than $5 billion in transactions a year, a statement said. It acquired TicketRX, a provider of ticket resolutions for traffic citations and violations, in March.
MSTS is expected to fetch between $550 million to $600 million, one of the sources said.
WEX Inc, a payment processor for the commercial and government vehicle fleet industry, was interested in MSTS, one source, part of the three, said. A second person disputed that: “WEX is not looking.”
In 2013, World Fuel Services acquired select assets of Multi Service Corp, which specialized in fleet, government and commercial payment programs. The deal was valued at $137 million, according to press reports.
Credit Suisse declined comment. Executives for World Fuel Services, WEX and MSTS could not be reached for comment.
Action Item: For more information on MSTS, read their innovation story here.