WEX Inc.
 | |
| Company type | Public |
|---|---|
| NYSE: WEX S&P 400 Component | |
| ISIN | US96208T1043  |
| Industry | Business Services |
| Founded | 1983 as Wright Express Corp |
| Headquarters | , |
Key people | Melissa D. Smith (President, Director, & CEO)[1] Michael E. Dubyak (Chairman of the Board)>[1] Roberto Simon (CFO)[1] |
| Products | Fleet cards, corporate payments, virtual card. |
| Revenue |  US$ 1.54 billion (2020 FY)[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] |
| Website | www |
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
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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 $375 million.[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]
Melissa Smith became CEO of Wex in 2014, with annual revenue nearly tripling during her tenure, as of November 2023.[23] She is known for implementing an aggressive acquisition strategy and investing in early-stage companies.[24]
References
- ^ 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.
- ^ WEX opens new headquarters in Portland, 2019-03-08, retrieved 2022-12-08
- ^ "WEX Inc. - Resources - Investor FAQs". ir.wexinc.com. Retrieved 2022-12-08.
- ^ 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) - ^ "SafeCard Services Inc. of Wyoming has completed its purchase of Wright Express I". Maine News Index – Portland Press Herald. September 15, 1994.
- ^ "CUC to Buy Ideon in $375 Million Deal". New York Times. April 23, 1996.
- ^ "Wright Express Corporation Announces Pricing of Initial Public Offering". ir.wexinc.com. Retrieved 2022-12-08.
- ^ "Wright Express is now WEX Inc". Mainebiz. 25 October 2012. Retrieved 7 December 2022.
- ^ "WEX Opens Global Headquarters In Portland". Maine Public. 2019-03-08. Retrieved 2022-12-08.
- ^ Thomsen, Ian (2020-06-17). "Roux Institute partners with WEX on a new facility in Portland". News @ Northeastern. Retrieved 2022-12-08.
- ^ "Our Story - Fleet One". Fleetone.com. Retrieved 25 November 2018.
- ^ "WEX Partnering with Gas Buddy on Fuel Data Pact". Automotive-fleet.com. Retrieved 25 November 2018.
- ^ "BRIEF-Wex and OnDeck announce strategic partnership". Reuters.com. 17 January 2017. Retrieved 25 November 2018.
- ^ "How WEX Won Chevron From FleetCor". Barrons.com. Retrieved 25 November 2018.
- ^ "WEX launches ClearView Advanced platform for fuel savings". Ccjdigital.com. 26 April 2017. Retrieved 25 November 2018.
- ^ "Jim Pratt: How WEX Ignited B2B Travel Payments". Pymnts.com. 4 January 2017. Retrieved 25 November 2018.
- ^ "SnapShot marketplace, TravelClick gets chatty, and more". Archived from the original on 2017-08-15. Retrieved 2017-08-14.
- ^ "WEX makes 'big play' for Evolution1". Pressherald.com. 17 June 2014. Retrieved 25 November 2018.
- ^ "Eureka Innovation Award Winner Wex Health". Bizjournals.com. Retrieved 25 November 2018.
- ^ "Fifth Third Launches Health Care Help". Bizjournals.com. Retrieved 25 November 2018.
- ^ "#WorkTrends Recap: Building Successful Business Partnerships". 25 May 2017. Archived from the original on 2020-09-28.
- ^ O'Neill, Sean (2020-12-16). "Travelport Agrees to Sell Enett to Wex at a Bargain Price". Skift. Retrieved 2022-12-08.
- ^ "Wex CEO taps endurance to lead". Payments Dive. Retrieved 2024-06-26.
- ^ "Wex CEO taps endurance to lead". Payments Dive. Retrieved 2024-06-26.
External links
- Business data for WEX Inc.: