WEX Inc.
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 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 2 3 4 5 6 7 8 9 "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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