M&A Deal Summary

WEX Acquires Evolution1

On June 17, 2014, WEX acquired internet software and services company Evolution1 from Genstar Capital for 533M USD

Acquisition Highlights
  • This is WEX’s 1st transaction in the Internet Software and Services sector.
  • This is WEX’s 2nd largest (disclosed) transaction.
  • This is WEX’s 5th transaction in the United States.
  • This is WEX’s 1st transaction in Connecticut.

M&A Deal Summary
Date 2014-06-17
Target Evolution1
Sector Internet Software and Services
Buyer(s) WEX
Sellers(s) Genstar Capital
Deal Type Add-on Acquisition
Deal Value 533M USD
Advisor(s) Deutsche Bank Corporate & Investment Banking
William Blair (Financial)
Weil Gotshal & Manges (Legal)

Target

Evolution1

Simsbury, Connecticut, United States
Evolution1, Inc.simplify the business of healthcare. Company through innovative healthcare software and payment solutions that administer and manage consumer directed accounts.

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Buyer(S) 1

Buyer

WEX

Portland, Maine, United States
Category Company
Founded 1983
Sector Information Technology
Employees5,300
Revenue 2.5B USD (2023)
DESCRIPTION
WEX's corporate headquarters in downtown Portland, Maine.
WEX's corporate headquarters in downtown Portland, Maine.

WEX is a global provider of payment processing and information management services. The Company primarily focuses on simplifying the complexities of payment systems across a wide range of sectors, including fleet, travel and healthcare. For the fleet industry, WEX offers fuel cards and vehicle maintenance solutions to help companies manage their fleets more efficiently. In the travel sector, WEX provides virtual payment solutions that enable travel agencies, corporate travel departments, and online travel providers to automate and manage payments to suppliers. For healthcare, WEX offers healthcare payment products and services that facilitate payments and transactions between patients, providers, and payers. WEX was formed in 1983 and is based in Portland, Maine.

DEAL STATS #
Overall 9 of 19
Sector (Internet Software and Services) 1 of 4
Type (Add-on Acquisition) 7 of 14
State (Connecticut) 1 of 1
Country (United States) 5 of 12
Year (2014) 1 of 1
Size (of disclosed) 2 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-11-08 Exxon Mobil - Esso Card Program

United Kingdom

Esso Card Program offers a commercial fleet fuel card program that includes operations, funding, pricing and sales and marketing services.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-07-30 Pacific Pride Services

Salem, Oregon, United States

Pacific Pride Services LLC is a cardlock fueling network. The company providing fleet managers some welcome relief from rising fuel costs and more control over their vehicle use and maintenance. A Pacific Pride card can be used at any Pacific Pride and PrideNet site across the U.S. and Canada.

Sell $50M

Seller(S) 1

SELLER

Genstar Capital

San Francisco, California, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1988
PE ASSETS 49.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Genstar Capital is a private equity firm that seeks investments in life science, healthcare, medical products, industrial technology, software, financial services, packaging, building materials, manufacturing, and business services companies. Genstar looks to invest between $50 and $400 million of equity capital in businesses valued up to $1 billion. Target transaction situations include control-oriented leveraged buyouts of corporate divisions, privately held businesses or public companies, minority investments in privately held businesses or public companies, ownership restructurings/recapitalizations of privately held businesses, growth equity financings, partnerships with other strategic or financial buyers, and take privates. Genstar Capital was formed in 1988 and is based in San Francisco, California.

DEAL STATS #
Overall 25 of 60
Sector (Internet Software and Services) 1 of 4
Type (Add-on Acquisition) 8 of 18
State (Connecticut) 4 of 5
Country (United States) 23 of 54
Year (2014) 3 of 6
Size (of disclosed) 8 of 13
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-05-14 C1

Bloomington, Minnesota, United States

C1 is a provider of business communications solutions. The Company serves as a critical link between OEMs and end users providing essential consulting and project management services related to custom design, installation, implementation and maintenance of communication solutions. C1 was formed in 1993 and is headquartered in Bloomington, Minnesota.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-06-20 Strategic Insight

New York, New York, United States

Strategic Insight, Inc. is a provider of data, business intelligence, and research to the global investment management community. Strategic Insight, Inc. was founded in 1985 and is based in New York City.

Buy -
Mergr

Product

Company

Legal