Ex-Comdata Group buys Valutec Card Solutions, installs Holcombe as CEO

A private investor group has bought Brentwood’s Valutec Card Solutions. They have also named one member of the group, Tony Holcombe, as the new chief

Email | Print By Richard Daverman

09-18-2002 12:00 AM — A private investor group has bought Brentwood’s Valutec Card Solutions. They have also named one member of the group, Tony Holcombe, as the new chief executive officer of Valutec. All the members of the group were affiliated with Comdata at some point. Most recently, Holcombe was president of Ceridian Employer Services. He was previously president of Comdata.

Valutec is involved in the “stored value card industry.” Although the cards look like an ordinary credit card, they operate like gift certificates, with a pre-paid value. Comdata had a stored value card subsidiary, which they used for payroll, expanding it beyond the trucking industry. He also used stored value cards to reimburse expenses for Ceridian’s employees, instead of using bank deposits or paper checks.

In the past five years, the stored card industry has gone from $1 billion to $20 billion in sales.

Valutec employs 16 people in Brentwood. Terms of the transaction were not disclosed.