WEX Inc.

Last updated

WEX Inc.
Company type Public
NYSE:  WEX
S&P 400 Component
ISIN US96208T1043  OOjs UI icon edit-ltr-progressive.svg
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]
Products Fleet cards, corporate payments, virtual card.
RevenueIncrease2.svg US$ 1.54 billion (2020 FY) [1]
Increase2.svg US$ 239.27 million (2017) [1]
Increase2.svg US$ 160.27 million (2017) [1]
Total assets Increase2.svg US$ 6.739 billion (2017) [1]
Total equity Increase2.svg US$ 1.72 billion (2017) [1]
Number of employees
3,500 (2017) [1]
Website 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 Portland, Maine and provides services in the United States, Canada, South America, Europe, Asia, and Australia. [2] [3]

Contents

History

Previous logo WEX logo (-2021).svg
Previous logo

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 Corp. 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 10 founding corporate partners of the Roux Institute at Northeastern University, which leases a portion of the WEX headquarters for its 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, a cloud-based health industry payments provider, later renaming it to WEX Health. [18] WEX Health Cloud helps to administer defined-contribution, wellness, and transit plans, among others. [19] Its partners include Fifth Third Bancorp, Paychex, HSA Bank, and Discovery Benefits. [20] [21]

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

Melissa D. Smith became CEO of Wex in 2014, with annual revenue nearly tripling during her tenure, as of November 2023. [23] [24] She is known for implementing an aggressive acquisition strategy and investing in early-stage companies. [25] As of 2024, Smith is the highest-paid executive of any public company in Maine. [26]

WEX provides services in the United States, the United Kingdom, Canada, Brazil, New Zealand, and Australia. [27] It also operates the wholly owned banking subsidiary WEX Bank. [28]

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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.
  23. ↑ "Wex CEO taps endurance to lead". Payments Dive. Retrieved 2024-06-26.
  24. ↑ "Melissa D Smith". www.bloomberg.com. Retrieved 2024-06-26.
  25. ↑ "Wex CEO taps endurance to lead". Payments Dive. Retrieved 2024-06-26.
  26. ↑ "This Impressive Maine Woman is the No. 1 Highest-Paid Executive of Public Companies in the State". WJBQ 97.9.
  27. ↑ December 4; Bookmark +, 2012 • Mike Antich •. "Why Wright Express Changed Its Name to WEX". www.automotive-fleet.com. Retrieved 2024-07-10.{{cite web}}: CS1 maint: numeric names: authors list (link)
  28. ↑ December 4; Bookmark +, 2012 • Mike Antich •. "Why Wright Express Changed Its Name to WEX". www.automotive-fleet.com. Retrieved 2024-07-10.{{cite web}}: CS1 maint: numeric names: authors list (link)

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