Radius Payment Solutions, which provides fuel cards and telematics solutions, has purchased insurance broker The Burley Group.
The transaction, whose value was not revealed, forms part of Radius’ diversification plan.
Headquartered in South Yorkshire, Burley offers insurance cover for fleet, transportation, as well as construction sectors.
Commenting on the takeover, Radius CEO Bill Holmes said: “This move is great for Radius. It significantly strengthens our insurance division with a company that has a long history of providing great service that is very similar to those found in our fuel business.
“We plan to both significantly expand the sales operation and create new products driven by data from our telematics platform.”
The deal is expected to strengthen Burley’s fleet insurance operations with access to 1.2 million UK fuel card customers as well as telematics.
Burley managing director Matthew Mawson said: “Aligned, as we are, to the transport sector we sit perfectly with Radius’ fuel card and telematics businesses, providing a great opportunity to maximise growth through its divisions.
“We’re particularly excited about the prospect of connecting with its telematics products, and the possibilities this will bring, in addition to the investment that will be made allowing us to expand our footprint across the UK.”