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Edenred

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Edenred SE
Company typePublic (Societas Europaea)
IndustryCorporate services
FoundedJune 29, 2010 (2010-06-29)[note 1]
Headquarters
Issy-les-Moulineaux
,
France[1]
Area served
Worldwide
Key people
Bertrand Dumazy
(Chairman and CEO)
ProductsTicket Restaurant®
RevenueIncrease €2.31 billion (2023)
Increase €706 million (2023)
Decrease €267 million (2023)
Number of employees
10,000 employees as of February 22, 2022
WebsiteEdenred.com

Edenred, formerly known as Accor Services, is an international payment service provider.

History

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Foundation and Accor integration (1950s - 2009)

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Jacques Borel created a meal voucher called Ticket Restaurant in 1962. He was inspired by the original Luncheon Voucher, a concept launched in the United Kingdom in 1954 and the Luncheon Vouchers Company founded by John Hack in 1955,[2] A French government decree, passed in 1967, officially recognized the meal voucher as an employee benefit. The concept was launched outside France starting in 1976. Ticket Restaurant and its local variant Ticket Alimentación began spreading to other countries in Europe and Latin America, including Brazil and Mexico.[3]

The Ticket Restaurant entity, which had been a subsidiary of Accor since 1983, became Accor Services in 1998. Accor had also acquired Luncheon Vouchers one year prior. Thus the two entities were merged under the new name of Accor Services.

In September 2007, Accor Services acquired a 98.3% stake UK pioneer and market leader in prepaid cards, PrePay Technologies Ltd, for €55M.[4]

Formation of Edenred (2010 - today)

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Following the split of Accor's hotel and prepaid services businesses, Accor Services became Edenred in June 2010.[5] The group was listed on NYSE Euronext Paris on July 2, 2010. Jacques Stern was appointed chairman and chief executive officer.

Edenred also launched the Ticket Plus Card in Germany (staple goods: food, fuel, meals), Ticket Cultura in Brazil (cultural goods and services),[6] and Fides Cloud Loyalty Software in India, managed by its subsidiary Accentiv India Pvt. Ltd.[7]

In 2014, Edenred acquired C3, a leader in the employee payroll cards market in the United Arab Emirates.[8] The Group also acquired 34% of UTA, Europe’s second largest fuel card issuer, before increasing its stake to 51% in January 2017[9] to 66% in 2018 and 100% in 2020.[10]

Bertrand Dumazy became chairman and chief executive officer of Edenred on October 26, 2015.[11]

The group shifted focus to digital products and launched the Ticket Restaurant card in France in April 2014. As of 2021, 90% of the group's business volume around the world was generated from digital products.[12][13]

In 2016, the Group began a far-reaching transformation as part of its Fast Forward strategic plan (2016-2019). Also in the year, Edenred launched its Corporate Payment Services business and acquired Embratec's operations in Brazil.[14] In November 2018, Edenred announced the acquisition of Corporate Spending Innovations, an electronic B2B payments company, for $600 million.[15]

Expansion

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Edenred has subsidiaries in 46[16] countries.

Edenred operates in 46 countries and has over 10,000 employees. The group has moved into new countries since 2010: Finland in 2011, Japan in 2012, Russia, the United Arab Emirates in 2014 and Moldova in 2018.[17]

References

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Footnotes

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  1. ^ Date of demerger from Accor.

Citations

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  1. ^ "Company Description: Edenred". businessweek.com. BusinessWeek. Archived from the original on June 5, 2013. Retrieved 12 August 2012.
  2. ^ Reporter, our own (2019-02-06). "Luncheon vouchers help workers get cheaper meals – archive, 1957". The Guardian. ISSN 0261-3077. Retrieved 2023-06-27.
  3. ^ "Edenred: Who are we?". edenred.com. 2022.
  4. ^ ACCOR 2007 Registration Document filed with Autorité des Marchés Financiers on April 3, 2008. p.58
  5. ^ "press release Edenred" (PDF). Archived from the original (PDF) on 2016-03-04. Retrieved 2015-11-13.
  6. ^ "PR Ticket Cultura".
  7. ^ "Loyalty Programs from India's No. 1 in loyalty services". Accentiv' India. Retrieved 2020-09-03.
  8. ^ "Edenred s'emplante dans les Emirats avec le rachat de 50% de C3 card". Le Revenu (in French). 2014-05-12. Retrieved 2022-03-18.
  9. ^ https://www.uta.com/tankkarte/0/12255E528CAAB35DC12580AE0022D870/$FILE/PR_Edenred_UTA_EN_final.docx [dead link]
  10. ^ "Edenred now owns 100% of UTA". Globenewswire.com.
  11. ^ "B.Dumazy / Edenred Reuters".
  12. ^ "PR HY2015" (PDF). Archived from the original (PDF) on 2015-11-17.
  13. ^ "Edenred 2017 annual results press release" (PDF). Edenred.
  14. ^ "Edenred finalizes its alliance with Embratec in Brazil". 31 May 2016.
  15. ^ "French company Edenred buys U.S. firm CSI for around $600 million". Reuters.
  16. ^ "Edenred Worldwide - The Edenred Group". www.edenred.com. Retrieved 2015-11-13.
  17. ^ "Edenred to issue meal benefits in the Republic of Moldova in 2018". Business review.
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Media related to Edenred at Wikimedia Commons

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