Fleetcor Technologies Inc. acquired PayByPhone, a digital parking payment solutions provider, from Volkswagen Financial Services AG on Sept. 15.

PayByPhone has more than 6 million monthly active users who find and pay for parking in a network of more than 1,350 parking operators in North America and Europe. The acquisition expands Fleetcor Technologies' vehicle payment solution set for its fleet customers and consumers, according to a Nov. 6 news release.

The acquisition was driven by two key strategic objectives.

"First, by providing our customers access to one of the world's leading parking apps, it helps expand the vehicle payment solutions we provide our [business-to-business] fleet customers in North America and Europe. Second, it will serve as an anchor app for the consumer vehicle payments business we are launching in the UK, where PayByPhone has over 2 million active monthly consumers," Fleetcor Technologies Chairman and CEO Ron Clarke said in the news release.

Fleetcor Technologies intends to deliver its existing payment products and networks through a single mobile app to PayByPhone's UK customers. The company plans to expand the strategy into Europe and North America, according to Clarke.