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SafeCard purchased Wright Express in 1994.<ref>{{cite news | url=https://digitalcommons.portlandlibrary.com/news_pph/14862|title=SafeCard Services Inc. of Wyoming has completed its purchase of Wright Express I|work=Maine News Index – Portland Press Herald|date=September 15, 1994}}</ref> On February 20, 1996, [[CUC International]] acquired SafeCard (now renamed to Ideon) for $375MIL.<ref>{{cite news | url=https://www.nytimes.com/1996/04/23/business/cuc-to-buy-ideon-in-375-million-deal.html|title=CUC to Buy Ideon in $375 Million Deal| work=[[New York Times]] |date=April 23, 1996}}</ref>Following CUC's merger with HFS, Wright Express became part of [[Cendant]].
SafeCard purchased Wright Express in 1994.<ref>{{cite news | url=https://digitalcommons.portlandlibrary.com/news_pph/14862|title=SafeCard Services Inc. of Wyoming has completed its purchase of Wright Express I|work=Maine News Index – Portland Press Herald|date=September 15, 1994}}</ref> On February 20, 1996, [[CUC International]] acquired SafeCard (now renamed to Ideon) for $375MIL.<ref>{{cite news | url=https://www.nytimes.com/1996/04/23/business/cuc-to-buy-ideon-in-375-million-deal.html|title=CUC to Buy Ideon in $375 Million Deal| work=[[New York Times]] |date=April 23, 1996}}</ref>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.<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 |access-date=7 December 2022 |website=Mainebiz}}</ref>
Wright Express 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 |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>
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>

Revision as of 21:56, 5 March 2024

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]

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 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. ^ 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. ^ "SafeCard Services Inc. of Wyoming has completed its purchase of Wright Express I". Maine News Index – Portland Press Herald. September 15, 1994.
  6. ^ "CUC to Buy Ideon in $375 Million Deal". New York Times. April 23, 1996.
  7. ^ "Wright Express Corporation Announces Pricing of Initial Public Offering". ir.wexinc.com. Retrieved 2022-12-08.
  8. ^ "Wright Express is now WEX Inc". Mainebiz. 25 October 2012. Retrieved 7 December 2022.
  9. ^ "WEX Opens Global Headquarters In Portland". Maine Public. 2019-03-08. Retrieved 2022-12-08.
  10. ^ Thomsen, Ian (2020-06-17). "Roux Institute partners with WEX on a new facility in Portland". News @ Northeastern. Retrieved 2022-12-08.
  11. ^ "Our Story - Fleet One". Fleetone.com. Retrieved 25 November 2018.
  12. ^ "WEX Partnering with Gas Buddy on Fuel Data Pact". Automotive-fleet.com. Retrieved 25 November 2018.
  13. ^ "BRIEF-Wex and OnDeck announce strategic partnership". Reuters.com. 17 January 2017. Retrieved 25 November 2018.
  14. ^ "How WEX Won Chevron From FleetCor". Barrons.com. Retrieved 25 November 2018.
  15. ^ "WEX launches ClearView Advanced platform for fuel savings". Ccjdigital.com. 26 April 2017. Retrieved 25 November 2018.
  16. ^ "Jim Pratt: How WEX Ignited B2B Travel Payments". Pymnts.com. 4 January 2017. Retrieved 25 November 2018.
  17. ^ "SnapShot marketplace, TravelClick gets chatty, and more". Archived from the original on 2017-08-15. Retrieved 2017-08-14.
  18. ^ "WEX makes 'big play' for Evolution1". Pressherald.com. 17 June 2014. Retrieved 25 November 2018.
  19. ^ "Eureka Innovation Award Winner Wex Health". Bizjournals.com. Retrieved 25 November 2018.
  20. ^ "Fifth Third Launches Health Care Help". Bizjournals.com. Retrieved 25 November 2018.
  21. ^ "#WorkTrends Recap: Building Successful Business Partnerships". 25 May 2017. Archived from the original on 2020-09-28.
  22. ^ 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.:
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