Jump to content

WEX Inc.: Difference between revisions

Edit links
Page semi-protected
From Wikipedia, the free encyclopedia
Browse history interactively
← Previous editNext edit →
Content deleted Content added
VisualWikitext
removed COI notice; page has been redesigned since 2014
Tag: COI template removed
Oswako (talk | contribs)
174 edits
Updated headquarters, built out history section, and corrected eNett/Optal price and provided a functioning reference
Line 1: Line 1:
{{Short description|Payment processing & information management service company}}
{{Short description|Payment processing & information management service company}}
{{pp-semi-indef}}
{{pp-semi-indef}}
{{Infobox company
{{Infobox company
| logo = WEX Inc. logo.png
| logo = WEX Inc. logo.png
| type = [[Public company|Public]]
| type = [[Public company|Public]]
| industry = Business Services
| industry = Business Services
| traded_as = {{nyse|WEX}}<br>[[S&P 400|S&P 400 Component]]
| traded_as = {{nyse|WEX}}<br>[[S&P 400|S&P 400 Component]]
| name = WEX Inc.
| name = WEX Inc.
| foundation = 1983 as Wright Express Corp
| foundation = 1983 as Wright Express Corp
| location_city = [[South Portland, Maine]]
| location_city = [[Portland, Maine]]
| location_country = [[United States]]
| location_country = [[United States]]
| key_people = {{nowrap|Melissa D. Smith}}<br/>{{nowrap|<small>([[President (corporate title)|President]], [[Director (business)|Director]], & [[CEO]])</small><ref name="10-K 2017"/>}}<br/>{{nowrap|Michael E. Dubyak}}<br/>{{nowrap|<small>([[Chairman#Public corporations|Chairman of the Board]])</small><ref name="10-K 2017"/>}}<br/>{{nowrap|Roberto Simon <small>([[CFO]])</small><ref name="10-K 2017"/>}}
| key_people = {{nowrap|Melissa D. Smith}}<br/>{{nowrap|<small>([[President (corporate title)|President]], [[Director (business)|Director]], & [[CEO]])</small><ref name="10-K 2017"/>}}<br/>{{nowrap|Michael E. Dubyak}}<br/>{{nowrap|<small>([[Chairman#Public corporations|Chairman of the Board]])</small><ref name="10-K 2017"/>}}<br/>{{nowrap|Roberto Simon <small>([[CFO]])</small><ref name="10-K 2017"/>}}
| products = [[Fleet card]]s, corporate payments, virtual card.
| products = [[Fleet card]]s, corporate payments, virtual card.
| revenue = {{nowrap|{{increase}} [[US$]] 1.54 billion <small>(2020 FY)</small><ref name="10-K 2017">{{cite web|url=https://www.sec.gov/Archives/edgar/data/1309108/000130910818000013/wex2017123110-k.htm|title=US SEC: Form 10-K WEX Inc.|publisher=[[U.S. Securities and Exchange Commission]]|accessdate=October 30, 2018}}</ref>}}
| revenue = {{nowrap|{{increase}} [[US$]] 1.54 billion <small>(2020 FY)</small><ref name="10-K 2017">{{cite web|url=https://www.sec.gov/Archives/edgar/data/1309108/000130910818000013/wex2017123110-k.htm|title=US SEC: Form 10-K WEX Inc.|publisher=[[U.S. Securities and Exchange Commission]]|accessdate=October 30, 2018}}</ref>}}
| operating_income = {{nowrap|{{increase}} US$ 239.27 million <small>(2017)</small><ref name="10-K 2017"/>}}
| operating_income = {{nowrap|{{increase}} US$ 239.27 million <small>(2017)</small><ref name="10-K 2017"/>}}
| net_income = {{nowrap|{{increase}} US$ 160.27 million <small>(2017)</small><ref name="10-K 2017"/>}}
| net_income = {{nowrap|{{increase}} US$ 160.27 million <small>(2017)</small><ref name="10-K 2017"/>}}
| assets = {{nowrap|{{increase}} US$ 6.739 billion <small>(2017)</small><ref name="10-K 2017"/>}}
| assets = {{nowrap|{{increase}} US$ 6.739 billion <small>(2017)</small><ref name="10-K 2017"/>}}
| equity = {{nowrap|{{increase}} US$ 1.72 billion <small>(2017)</small><ref name="10-K 2017"/>}}
| equity = {{nowrap|{{increase}} US$ 1.72 billion <small>(2017)</small><ref name="10-K 2017"/>}}
| num_employees = {{nowrap|3,500 <small>(2017)</small><ref name="10-K 2017"/>}}
| num_employees = {{nowrap|3,500 <small>(2017)</small><ref name="10-K 2017"/>}}
| homepage = {{URL|https://www.wexinc.com}}
| homepage = {{URL|https://www.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 [[South Portland, Maine]], and provides services in the [[United States]], [[Canada]], [[South America]], [[Europe]], [[Asia]], and [[Australia]].
'''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]]<ref>{{Citation |title=WEX opens new headquarters in Portland |date=2019-03-08 |url=https://www.wmtw.com/article/wex-opens-new-headquarters-in-portland/26767398 |language=en |access-date=2022-12-08}}</ref><ref>{{Cite web |title=WEX Inc. - Resources - Investor FAQs |url=https://ir.wexinc.com/resources/investor-faqs/default.aspx |access-date=2022-12-08 |website=ir.wexinc.com |language=en-US}}</ref> and provides services in the [[United States]], [[Canada]], [[South America]], [[Europe]], [[Asia]], and [[Australia]].


==Operations==
== 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.<ref>{{Cite web |last=December 4 |last2=Bookmark + |first2=2012 • Mike Antich • |title=Why Wright Express Changed Its Name to WEX |url=https://www.automotive-fleet.com/148341/why-wright-express-changed-its-name-to-wex |access-date=2022-12-08 |website=www.automotive-fleet.com}}</ref>
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.<ref>{{cite web|url=https://www.wexinc.com/our-story/|title=Fleet Cards and Global Payment Solutions - WEX Inc.|website=Wexinc.com|accessdate=25 November 2018}}</ref> Its name was changed to WEX Inc. in October 2012.


Wright Express grew over the next several decades. It went public in 2005.<ref>{{Cite web |title=Wright Express Corporation Announces Pricing of Initial Public Offering |url=https://ir.wexinc.com/news/news-details/2005/Wright-Express-Corporation-Announces-Pricing-of-Initial-Public-Offering/default.aspx |access-date=2022-12-08 |website=ir.wexinc.com |language=en-US}}</ref> In 2012, it adopted the name WEX, signaling a shift away from focusing on fuel cards and expanding into other payment solutions.<ref>{{Cite web |date=25 October 2012 |title=Wright Express is now WEX Inc. |url=https://www.mainebiz.biz/article/wright-express-is-now-wex-inc |url-status=live |access-date=7 December 2022 |website=Mainebiz}}</ref>

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.<ref>{{Cite web |date=2019-03-08 |title=WEX Opens Global Headquarters In Portland |url=https://www.mainepublic.org/business-and-economy/2019-03-08/wex-opens-global-headquarters-in-portland |access-date=2022-12-08 |website=Maine Public |language=en}}</ref> WEX is one of ten founding corporate partners of the Roux Institute at [[Northeastern University]], which leases a portion of the WEX headquarters campus.<ref>{{Cite web |last=Thomsen |first=Ian |date=2020-06-17 |title=Roux Institute partners with WEX on a new facility in Portland |url=https://news.northeastern.edu/2020/06/17/roux-institute-partners-with-wex-on-a-new-facility-in-portland/ |access-date=2022-12-08 |website=News @ Northeastern |language=en-US}}</ref>

==Operations==
WEX Fleet provides vehicle fleet customers with [[fuel card]]s and data and telematics offerings for drivers. In 2012, WEX Fleet acquired Fleet One to provide fleet cards to drivers.<ref>{{cite web|url=http://www.fleetone.com/content/our-story|title=Our Story - Fleet One|website=Fleetone.com|accessdate=25 November 2018}}</ref> WEX Fleet also partners with [[GasBuddy]],<ref>{{cite web|url=http://www.automotive-fleet.com/channel/fuel-management/news/story/2017/06/wex-to-offer-fuel-locations-in-gas-buddy-pact.aspx|title=WEX Partnering with Gas Buddy on Fuel Data Pact|website=Automotive-fleet.com|accessdate=25 November 2018}}</ref> [[OnDeck Capital]],<ref>{{cite news|url=https://www.reuters.com/article/idUSASC09QZ2|title=BRIEF-Wex and OnDeck announce strategic partnership|website=Reuters.com|date=17 January 2017|accessdate=25 November 2018}}</ref> and [[Chevron Corporation|Chevron]],<ref>{{cite web|url=http://www.barrons.com/articles/how-wex-won-chevron-from-fleetcor-1482267314|title=How WEX Won Chevron From FleetCor|website=Barrons.com|accessdate=25 November 2018}}</ref> among other companies, to provide services to customers. In 2017, WEX Fleet launched a new telematics platform, ClearView Advanced.<ref>{{cite web|url=http://www.ccjdigital.com/wex-intros-clearview-advanced-platform-to-save-on-wasteful-fuel-spend/|title=WEX launches ClearView Advanced platform for fuel savings|website=Ccjdigital.com|date=26 April 2017|accessdate=25 November 2018}}</ref>
WEX Fleet provides vehicle fleet customers with [[fuel card]]s and data and telematics offerings for drivers. In 2012, WEX Fleet acquired Fleet One to provide fleet cards to drivers.<ref>{{cite web|url=http://www.fleetone.com/content/our-story|title=Our Story - Fleet One|website=Fleetone.com|accessdate=25 November 2018}}</ref> WEX Fleet also partners with [[GasBuddy]],<ref>{{cite web|url=http://www.automotive-fleet.com/channel/fuel-management/news/story/2017/06/wex-to-offer-fuel-locations-in-gas-buddy-pact.aspx|title=WEX Partnering with Gas Buddy on Fuel Data Pact|website=Automotive-fleet.com|accessdate=25 November 2018}}</ref> [[OnDeck Capital]],<ref>{{cite news|url=https://www.reuters.com/article/idUSASC09QZ2|title=BRIEF-Wex and OnDeck announce strategic partnership|website=Reuters.com|date=17 January 2017|accessdate=25 November 2018}}</ref> and [[Chevron Corporation|Chevron]],<ref>{{cite web|url=http://www.barrons.com/articles/how-wex-won-chevron-from-fleetcor-1482267314|title=How WEX Won Chevron From FleetCor|website=Barrons.com|accessdate=25 November 2018}}</ref> among other companies, to provide services to customers. In 2017, WEX Fleet launched a new telematics platform, ClearView Advanced.<ref>{{cite web|url=http://www.ccjdigital.com/wex-intros-clearview-advanced-platform-to-save-on-wasteful-fuel-spend/|title=WEX launches ClearView Advanced platform for fuel savings|website=Ccjdigital.com|date=26 April 2017|accessdate=25 November 2018}}</ref>


Line 32: Line 37:
In 2014, WEX acquired Evolution1,<ref>{{cite web|url=http://www.pressherald.com/2014/06/17/maines-wex-announces-500-million-acquisition/|title=WEX makes 'big play' for Evolution1|date=17 June 2014|website=Pressherald.com|accessdate=25 November 2018}}</ref> 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.<ref>{{cite web|url=https://www.bizjournals.com/twincities/news/2017/06/21/2017-eureka-innovation-award-winner-wex-health.html|title=Eureka Innovation Award Winner Wex Health|website=Bizjournals.com|accessdate=25 November 2018}}</ref> Some partners include Fifth Third Bancorp,<ref>{{cite web|url=https://www.bizjournals.com/cincinnati/news/2016/08/02/fifth-third-launches-health-care-help-for.html|title=Fifth Third Launches Health Care Help|website=Bizjournals.com|accessdate=25 November 2018}}</ref> Paychex,<ref>{{Cite web|url=https://talentculture.com/worktrends-recap-building-successful-business-partnerships/|archive-url = https://web.archive.org/web/20200928085741/https://talentculture.com/worktrends-recap-building-successful-business-partnerships/|archive-date = 2020-09-28|title = #WorkTrends Recap: Building Successful Business Partnerships|date = 25 May 2017}}</ref> HSA Bank, and Discovery Benefits.
In 2014, WEX acquired Evolution1,<ref>{{cite web|url=http://www.pressherald.com/2014/06/17/maines-wex-announces-500-million-acquisition/|title=WEX makes 'big play' for Evolution1|date=17 June 2014|website=Pressherald.com|accessdate=25 November 2018}}</ref> 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.<ref>{{cite web|url=https://www.bizjournals.com/twincities/news/2017/06/21/2017-eureka-innovation-award-winner-wex-health.html|title=Eureka Innovation Award Winner Wex Health|website=Bizjournals.com|accessdate=25 November 2018}}</ref> Some partners include Fifth Third Bancorp,<ref>{{cite web|url=https://www.bizjournals.com/cincinnati/news/2016/08/02/fifth-third-launches-health-care-help-for.html|title=Fifth Third Launches Health Care Help|website=Bizjournals.com|accessdate=25 November 2018}}</ref> Paychex,<ref>{{Cite web|url=https://talentculture.com/worktrends-recap-building-successful-business-partnerships/|archive-url = https://web.archive.org/web/20200928085741/https://talentculture.com/worktrends-recap-building-successful-business-partnerships/|archive-date = 2020-09-28|title = #WorkTrends Recap: Building Successful Business Partnerships|date = 25 May 2017}}</ref> HSA Bank, and Discovery Benefits.


In January 2020, the company announced it would acquire eNett and Optal for $1.7 billion in total.<ref>[https://uk.reuters.com/article/us-enett-m-a-wex/wex-to-acquire-enett-and-optal-for-1-7-billion-idUKKBN1ZN16Z Reuters]</ref>
In January 2020, the company announced it would acquire travel payments companies eNett and Optal from [[Travelport]] for $577.5 million.<ref>{{Cite web |last=O'Neill |first=Sean |date=2020-12-16 |title=Travelport Agrees to Sell Enett to Wex at a Bargain Price |url=https://skift.com/2020/12/16/travelport-agrees-to-sell-enett-to-wex-at-a-bargain-price-due-to-pandemic/ |access-date=2022-12-08 |website=Skift |language=en-US}}</ref>


==References==
==References==

Revision as of 03:17, 8 December 2022

WEX Inc.
Company typePublic
NYSE: WEX
S&P 400 Component
ISINUS96208T1043 Edit this on Wikidata
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]

Wright Express grew over the next several decades. It went public in 2005.[5] In 2012, it adopted the name WEX, signaling a shift away from focusing on fuel cards and expanding into other payment solutions.[6]

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.[7] WEX is one of ten founding corporate partners of the Roux Institute at Northeastern University, which leases a portion of the WEX headquarters campus.[8]

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.[9] WEX Fleet also partners with GasBuddy,[10] OnDeck Capital,[11] and Chevron,[12] among other companies, to provide services to customers. In 2017, WEX Fleet launched a new telematics platform, ClearView Advanced.[13]

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 [14] in support of customers including HitchHiker,[15] HotelTonight, Expedia, and Priceline.

In 2014, WEX acquired Evolution1,[16] 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.[17] Some partners include Fifth Third Bancorp,[18] Paychex,[19] 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.[20]

References

  1. ^ a b c d e f g h i "US SEC: Form 10-K WEX Inc". U.S. Securities and Exchange Commission. Retrieved October 30, 2018.
  2. ^ WEX opens new headquarters in Portland, 2019-03-08, retrieved 2022-12-08
  3. ^ "WEX Inc. - Resources - Investor FAQs". ir.wexinc.com. Retrieved 2022-12-08.
  4. ^ December 4; Bookmark +, 2012 • Mike Antich •. "Why Wright Express Changed Its Name to WEX". www.automotive-fleet.com. Retrieved 2022-12-08.{{cite web}}: CS1 maint: numeric names: authors list (link)
  5. ^ "Wright Express Corporation Announces Pricing of Initial Public Offering". ir.wexinc.com. Retrieved 2022-12-08.
  6. ^ "Wright Express is now WEX Inc". Mainebiz. 25 October 2012. Retrieved 7 December 2022.{{cite web}}: CS1 maint: url-status (link)
  7. ^ "WEX Opens Global Headquarters In Portland". Maine Public. 2019-03-08. Retrieved 2022-12-08.
  8. ^ Thomsen, Ian (2020-06-17). "Roux Institute partners with WEX on a new facility in Portland". News @ Northeastern. Retrieved 2022-12-08.
  9. ^ "Our Story - Fleet One". Fleetone.com. Retrieved 25 November 2018.
  10. ^ "WEX Partnering with Gas Buddy on Fuel Data Pact". Automotive-fleet.com. Retrieved 25 November 2018.
  11. ^ "BRIEF-Wex and OnDeck announce strategic partnership". Reuters.com. 17 January 2017. Retrieved 25 November 2018.
  12. ^ "How WEX Won Chevron From FleetCor". Barrons.com. Retrieved 25 November 2018.
  13. ^ "WEX launches ClearView Advanced platform for fuel savings". Ccjdigital.com. 26 April 2017. Retrieved 25 November 2018.
  14. ^ "Jim Pratt: How WEX Ignited B2B Travel Payments". Pymnts.com. 4 January 2017. Retrieved 25 November 2018.
  15. ^ "SnapShot marketplace, TravelClick gets chatty, and more". Archived from the original on 2017-08-15. Retrieved 2017-08-14.
  16. ^ "WEX makes 'big play' for Evolution1". Pressherald.com. 17 June 2014. Retrieved 25 November 2018.
  17. ^ "Eureka Innovation Award Winner Wex Health". Bizjournals.com. Retrieved 25 November 2018.
  18. ^ "Fifth Third Launches Health Care Help". Bizjournals.com. Retrieved 25 November 2018.
  19. ^ "#WorkTrends Recap: Building Successful Business Partnerships". 25 May 2017. Archived from the original on 2020-09-28.
  20. ^ O'Neill, Sean (2020-12-16). "Travelport Agrees to Sell Enett to Wex at a Bargain Price". Skift. Retrieved 2022-12-08.

Official website

  • Business data for WEX Inc.:
Retrieved from "https://en.wikipedia.org/enwiki/w/index.php?title=WEX_Inc.&oldid=1126207235"