M&A Deal Summary

WEX Acquires COCO Development

On October 15, 2015, WEX, Inc. acquired software company COCO Development LLC (dba Benaissance) from McCarthy Partners Management LLC for 80M USD

Acquisition Highlights
  • This is WEX’s 2nd transaction in the Software sector.
  • This is WEX’s 7th largest (disclosed) transaction.
  • This is WEX’s 6th transaction in the United States.
  • This is WEX’s 1st transaction in Nebraska.

M&A Deal Summary

Date 2015-10-15
Target COCO Development LLC (dba Benaissance)
Sector Software
Buyer(s) WEX, Inc.
Sellers(s) McCarthy Partners Management LLC
Deal Type Add-on Acquisition
Deal Value 80M USD

Target

COCO Development LLC (dba Benaissance)

Omaha, Nebraska, United States
website
COCO Development LLC (dba Benaissance) is a provider of ExchangePoint℠ and COBRApoint® Software as a Service (“SaaS”) solutions for individual single-point and consolidated group premium billing.

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Buyer(S) 1

Buyer

WEX, Inc.

Portland, Maine, United States

website


Category Company
Founded 1983
SectorBusiness Services
Employees5,300
Revenue 1.6B USD (2020)
DESCRIPTION

WEX is a financial technology service provider across a wide spectrum of sectors, including fleet, travel, and healthcare. WEX operates in more than 10 countries and in more than 20 currencies through approximately 4,900 associates around the world. WEX fleet cards offer approximately 14 million vehicles exceptional payment security and control; its travel and corporate solutions business processes over $35 billion of purchase volume annually; and the WEX Health financial technology platform helps 343,000 employers and more than 28 million consumers better manage healthcare expenses. WEX was formed in 1983 and is based in South Portland, Maine.


DEAL STATS #
Overall 10 of 18
Sector (Software) 2 of 2
Type (Add-on Acquisition) 8 of 13
State (Nebraska) 1 of 1
Country (United States) 6 of 11
Year (2015) 1 of 2
Size (of disclosed) 7 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-07-30 Pacific Pride Services LLC

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
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-10-19 Electronic Funds Source LLC

Ogden, Utah, United States

Electronic Funds Source LLC is a provider of innovative and customized corporate payment technology solutions.

Buy $1.1B

Seller(S) 1

SELLER

McCarthy Partners Management LLC

Omaha, Nebraska, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1986
PE ASSETS 1.0B USD
SizeLarge
Type Sector Agnostic
DESCRIPTION

McCarthy Capital is a private equity firm that seeks to invest in mid-to-late-stage companies. The firm looks for companies with revenue of at least $15 million and $3 million in operating profits. McCarthy will consider companies across a broad range of industries possessing significant growth opportunities through participation in growing markets, market share expansion, industry consolidation or innovative business strategies. McCarthy prefers to invest in the range of $10 and $45 million, and will take a minority or majority ownership stake in companies where management has material capital at risk. McCarthy Capital was founded in 1986 and is based in Omaha, Nebraska.


DEAL STATS #
Overall 12 of 19
Sector (Software) 1 of 4
Type (Add-on Acquisition) 5 of 9
State (Nebraska) 6 of 7
Country (United States) 12 of 19
Year (2015) 4 of 4
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-09-02 Medical Solutions LLC

Omaha, Nebraska, United States

Medical Solutions is a healthcare staffing firm that specializes in placing registered nurses and allied professionals in temporary travel assignments. With offices in Omaha, San Diego, Cincinnati, and Tupelo. Medical Solutions was founded in 2001 and is based in Omaha, Nebraska.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-12-16 Seven10 Storage Software LLC

Lawrence, Massachusetts, United States

Seven10 Storage Software LLC is an enterprise storage software company that provides organizations with effortless, unified information management that includes data migration capabilities from existing storage arrays. Seven10 was formed in 2009 and is based in Lawrence, Massachusetts.

Buy -