WEX Inc.

WEX Inc. is a provider of payment processing and information management services to the United States commercial and government vehicle fleet industry. The company provides services in the United States, Canada, South America, Europe, Asia, and Australia.

WEX Inc.
Public
Traded asNYSE: WEX
S&P 400 Component
ISINUS96208T1043 
IndustryBusiness Services
Founded1983 as Wright Express Corp
Headquarters
South Portland, Maine
,
United States
Key people
Melissa D. Smith
(President, Director, & CEO)[1]
Michael E. Dubyak
(Chairman of the Board)[1]
Roberto Simon (CFO)[1]
ProductsFleet cards, corporate payments, virtual card.
Revenue US$ 1.25 billion (2017)[1]
US$ 239.27 million (2017)[1]
US$ 160.27 million (2017)[1]
Total assets US$ 6.739 billion (2017)[1]
Total equity US$ 1.72 billion (2017)[1]
Number of employees
3,500 (2017)[1]
Websitewww.wexinc.com

Operations

Starting as a fleet card provider in 1983 as Wright Express Corporation, WEX Inc. expanded to facilitate corporate payments across the fleet, travel and healthcare industries.[2] Its name was changed to WEX Inc. in October 2012.

WEX Fleet provides vehicle fleet customers with fuel cards and data and telematics offerings for drivers. In 2012, WEX Fleet acquired Fleet One to provide fleet cards to drivers.[3] WEX Fleet also partners with GasBuddy,[4] OnDeck,[5] and Chevron [6], among other companies, to provide services to customers. In 2017, WEX Fleet launched a new telematics platform, ClearView Advanced.[7]

The travel segment, WEX Virtual, helps online travel agencies facilitate cross-border payments through virtual cards, allowing online travel agencies to automate back-end accounting practices. WEX Virtual launched in 2000 [8] in support of customers including HitchHiker,[9] HotelTonight, Expedia, and Priceline.

In 2014, WEX acquired Evolution1,[10] a cloud-based health industry payments provider, later renaming it to WEX Health. WEX Health Cloud helps to administer HSAs, HRAs, FSAs, VEBAs, COBRA, defined-contribution, wellness plans, and transit plans.[11] Some partners include Fifth Third Bancorp,[12] Paychex,[13] HSA Bank, and Discovery Benefits.

In January 2020, the company announced it would acquire eNett and Optal for $1.7 billion in total.[14]

References
  1. "US SEC: Form 10-K WEX Inc". U.S. Securities and Exchange Commission. Retrieved October 30, 2018.
  2. "Fleet Cards and Global Payment Solutions - WEX Inc". Wexinc.com. Retrieved 25 November 2018.
  3. "Our Story - Fleet One". Fleetone.com. Retrieved 25 November 2018.
  4. "WEX Partnering with Gas Buddy on Fuel Data Pact". Automotive-fleet.com. Retrieved 25 November 2018.
  5. "BRIEF-Wex and OnDeck announce strategic partnership". Reuters.com. Retrieved 25 November 2018.
  6. "How WEX Won Chevron From FleetCor". Barrons.com. Retrieved 25 November 2018.
  7. "WEX launches ClearView Advanced platform for fuel savings". Ccjdigital.com. Retrieved 25 November 2018.
  8. "Jim Pratt: How WEX Ignited B2B Travel Payments". Pymnts.com. Retrieved 25 November 2018.
  9. "Archived copy". Archived from the original on 2017-08-15. Retrieved 2017-08-14.CS1 maint: archived copy as title (link)
  10. "WEX makes 'big play' for Evolution1". Pressherald.com. 17 June 2014. Retrieved 25 November 2018.
  11. "Eureka Innovation Award Winner Wex Health". Bizjournals.com. Retrieved 25 November 2018.
  12. "Fifth Third Launches Health Care Help". Bizjournals.com. Retrieved 25 November 2018.
  14. https://uk.reuters.com/article/us-enett-m-a-wex/wex-to-acquire-enett-and-optal-for-1-7-billion-idUKKBN1ZN16Z

Official website

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