Company:WEX Inc.

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Short description: Payment processing & information management service company
WEX Inc.
TypePublic
NYSE: WEX
S&P 400 Component
IndustryBusiness Services
Founded1983 as Wright Express Corp
Headquarters
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.
RevenueIncrease US$ 1.54 billion (2020 FY)[1]
Increase US$ 239.27 million (2017)[1]
Increase US$ 160.27 million (2017)[1]
Total assetsIncrease US$ 6.739 billion (2017)[1]
Total equityIncrease US$ 1.72 billion (2017)[1]
Number of employees
3,500 (2017)[1]
Websitewww.wexinc.com

WEX Inc. is a provider of payment processing and information management services to the United States commercial and government vehicle fleet industry. The company is headquartered in Portland, Maine[2][3] and provides services in the United States , Canada , South America, Europe, Asia, and Australia .

History

The company traces its origins to A.R. Wright, a coal and later heating oil business in South Portland, Maine. In the 1980s, A.R. Wright began allowing trucks to fuel up without having to pay an attendant by using a post-paid fuel card, leading to the creation of Wright Express Corporation in 1983.[4]

SafeCard purchased Wright Express in 1994.[5] On February 20, 1996, CUC International acquired SafeCard (now renamed to Ideon) for $375MIL.[6]Following CUC's merger with HFS, Wright Express became part of Cendant.

Wright Express grew over the next several decades. It went public in 2005.[7] In 2012, it adopted the name WEX, signaling a shift away from focusing on fuel cards and expanding into other payment solutions.[8]

In 2019, WEX opened a new 100,000-square-foot headquarters across from the Ocean Gateway International Marine Passenger Terminal in Portland, Maine. The company continues to have a significant presence in South Portland.[9] WEX is one of ten founding corporate partners of the Roux Institute at Northeastern University, which leases a portion of the WEX headquarters campus.[10]

Operations

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.[11] WEX Fleet also partners with GasBuddy,[12] OnDeck Capital,[13] and Chevron,[14] among other companies, to provide services to customers. In 2017, WEX Fleet launched a new telematics platform, ClearView Advanced.[15]

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 [16] in support of customers including HitchHiker,[17] HotelTonight, Expedia, and Priceline.

In 2014, WEX acquired Evolution1,[18] 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.[19] Some partners include Fifth Third Bancorp,[20] Paychex,[21] HSA Bank, and Discovery Benefits.

In January 2020, the company announced it would acquire travel payments companies eNett and Optal from Travelport for $577.5 million.[22]

References

  1. ↑ 1.0 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 "US SEC: Form 10-K WEX Inc.". U.S. Securities and Exchange Commission. https://www.sec.gov/Archives/edgar/data/1309108/000130910818000013/wex2017123110-k.htm. Retrieved October 30, 2018. 
  2. ↑ (in en) WEX opens new headquarters in Portland, 2019-03-08, https://www.wmtw.com/article/wex-opens-new-headquarters-in-portland/26767398, retrieved 2022-12-08 
  3. ↑ "WEX Inc. - Resources - Investor FAQs" (in en-US). https://ir.wexinc.com/resources/investor-faqs/default.aspx. 
  4. ↑ December 4; Bookmark +, 2012 • Mike Antich •. "Why Wright Express Changed Its Name to WEX". https://www.automotive-fleet.com/148341/why-wright-express-changed-its-name-to-wex. 
  5. ↑ "SafeCard Services Inc. of Wyoming has completed its purchase of Wright Express I". Maine News Index – Portland Press Herald. September 15, 1994. https://digitalcommons.portlandlibrary.com/news_pph/14862. 
  6. ↑ "CUC to Buy Ideon in $375 Million Deal". New York Times. April 23, 1996. https://www.nytimes.com/1996/04/23/business/cuc-to-buy-ideon-in-375-million-deal.html. 
  7. ↑ "Wright Express Corporation Announces Pricing of Initial Public Offering" (in en-US). https://ir.wexinc.com/news/news-details/2005/Wright-Express-Corporation-Announces-Pricing-of-Initial-Public-Offering/default.aspx. 
  8. ↑ "Wright Express is now WEX Inc.". 25 October 2012. https://www.mainebiz.biz/article/wright-express-is-now-wex-inc. 
  9. ↑ "WEX Opens Global Headquarters In Portland" (in en). 2019-03-08. https://www.mainepublic.org/business-and-economy/2019-03-08/wex-opens-global-headquarters-in-portland. 
  10. ↑ Thomsen, Ian (2020-06-17). "Roux Institute partners with WEX on a new facility in Portland" (in en-US). https://news.northeastern.edu/2020/06/17/roux-institute-partners-with-wex-on-a-new-facility-in-portland/. 
  11. ↑ "Our Story - Fleet One". http://www.fleetone.com/content/our-story. Retrieved 25 November 2018. 
  12. ↑ "WEX Partnering with Gas Buddy on Fuel Data Pact". http://www.automotive-fleet.com/channel/fuel-management/news/story/2017/06/wex-to-offer-fuel-locations-in-gas-buddy-pact.aspx. Retrieved 25 November 2018. 
  13. ↑ "BRIEF-Wex and OnDeck announce strategic partnership". 17 January 2017. https://www.reuters.com/article/idUSASC09QZ2. Retrieved 25 November 2018. 
  14. ↑ "How WEX Won Chevron From FleetCor". http://www.barrons.com/articles/how-wex-won-chevron-from-fleetcor-1482267314. Retrieved 25 November 2018. 
  15. ↑ "WEX launches ClearView Advanced platform for fuel savings". 26 April 2017. http://www.ccjdigital.com/wex-intros-clearview-advanced-platform-to-save-on-wasteful-fuel-spend/. Retrieved 25 November 2018. 
  16. ↑ "Jim Pratt: How WEX Ignited B2B Travel Payments". 4 January 2017. http://www.pymnts.com/matchmakers/2017/wex-b2b-travel-payments-jim-pratt/. Retrieved 25 November 2018. 
  17. ↑ "SnapShot marketplace, TravelClick gets chatty, and more". https://www.tnooz.com/article/travel-systems-roundup-february-2017/. 
  18. ↑ "WEX makes 'big play' for Evolution1". 17 June 2014. http://www.pressherald.com/2014/06/17/maines-wex-announces-500-million-acquisition/. Retrieved 25 November 2018. 
  19. ↑ "Eureka Innovation Award Winner Wex Health". https://www.bizjournals.com/twincities/news/2017/06/21/2017-eureka-innovation-award-winner-wex-health.html. Retrieved 25 November 2018. 
  20. ↑ "Fifth Third Launches Health Care Help". https://www.bizjournals.com/cincinnati/news/2016/08/02/fifth-third-launches-health-care-help-for.html. Retrieved 25 November 2018. 
  21. ↑ "#WorkTrends Recap: Building Successful Business Partnerships". 25 May 2017. https://talentculture.com/worktrends-recap-building-successful-business-partnerships/. 
  22. ↑ O'Neill, Sean (2020-12-16). "Travelport Agrees to Sell Enett to Wex at a Bargain Price" (in en-US). https://skift.com/2020/12/16/travelport-agrees-to-sell-enett-to-wex-at-a-bargain-price-due-to-pandemic/. 

External links

Official website



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