FleetCor Technologies Inc has agreed to buy Brazil's largest electronic toll payments firm for 4.086 billion reais ($1.1 billion), according to a Reuters report.

FleetCor said it acquired Serviços e Tecnologia de Pagamentos SA from a group of partners including rival toll road operators CCR SA and Arteris SA, energy and logistics conglomerate Raizen Combustiveis SA and others, according to the report.

Serviços, which operates under the brand Sem Parar in Brazil, has more than 4.5 million users and processes over 10 billion reais in toll, parking and fuel payments annually, according to the report.

Consolidation is gaining steam in Brazil's fleet management industry since 2014, when France's Groupe Michelin acquired Sascar Participações SA on a bet that car insurers, logistics firms and security risk managers would boost demand for monitoring services. France's Edenred SA paid 790 million reais in January for a 65 percent stake in fuel card, maintenance and freight operator Embratec, according to the report.