Edenred has acquired Big Pass in Colombia, starting operations in its 40th country. Big Pass is the second largest local provider of employee benefits solutions, with more than 20% of the market.
It offers a full range of diversified solutions including food vouchers, gift vouchers and transportation vouchers. With 3,000 clients, 180,000 beneficiaries and 28,000 affiliated merchants, Big Pass reported issue volume of nearly €100 million in 2012. With this transaction, Edenred is entering a country with high potential shaped by a dynamic economic environment and favorable regulations for employee benefits.
“We are very pleased to integrate Big Pass, a recognized player in employee benefits in Colombia,” said Jean Louis Claveau, Chief Operating Officer for Hispanic Latin America and North America. “This move enhances our presence in Latin America, a region that offers strong and promising growth for the Group. In view of this challenge, Caio Bittencourt will lead our operations in Colombia. His mission will be to develop the Group’s two strategic paths, which are to implement the digital transition for existing solutions and to launch new solutions.”
With emerging markets accounting for 60% of issue volume, Edenred is pursing its strategy of geographic expansion. The Group confirms its objective of entering six to eight countries between 2010 and 2016 and increasing geographic expansion’s contribution to like-for-like growth in issue volume to between 1% and 2% after 2014.