M&A Deal Summary

WEX Acquires Electronic Funds Source

On October 19, 2015, WEX acquired information technology company Electronic Funds Source from Warburg Pincus and Ardian for 1.1B USD

Acquisition Highlights
  • This is WEX’s 1st transaction in the Information Technology sector.
  • This is WEX’s largest (disclosed) transaction.
  • This is WEX’s 7th transaction in the United States.
  • This is WEX’s 1st transaction in Utah.

M&A Deal Summary

Date 2015-10-19
Target Electronic Funds Source
Sector Information Technology
Buyer(s) WEX
Sellers(s) Warburg Pincus
Ardian
Deal Type Add-on Acquisition
Deal Value 1.1B USD
Advisor(s) Cleary Gottlieb Steen & Hamilton (Legal)

Target

Electronic Funds Source

Ogden, Utah, United States
website
Electronic Funds Source LLC is a provider of innovative and customized corporate payment technology solutions.

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Buyer(S) 1

Buyer

WEX

Portland, Maine, United States

website


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 11 of 19
Sector (Information Technology) 1 of 2
Type (Add-on Acquisition) 9 of 14
State (Utah) 1 of 1
Country (United States) 7 of 12
Year (2015) 2 of 2
Size (of disclosed) 1 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-10-15 COCO Development

Omaha, Nebraska, United States

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.

Buy $80M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-11-01 WEX Fuel Management

Louisville, Kentucky, United States

WEX Fuel Management is a provider of fuel supply chain management software, TelaPoint’s software enables convenience retailers and petroleum outlets to improve the efficiency of their fuel replenishment, buying and administrative operations. TelaPoint manages inventory, dispatch, and fuel pricing for 77 customers around the globe,150 carrier companies and 67,000 sites.

Sell -

Seller(S) 2

SELLER

Warburg Pincus

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1966
PE ASSETS 83.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Warburg Pincus is a mega-sized, global private equity firm focused on investment opportunities across North America, Asia, and Europe. Warburg will consider investing at various company stages, from early-stage opportunities to distressed situations. Warburg Pincus is organized by industry groups. Verticals include financial services, healthcare, technology, media & telecommunications, energy, consumer & industrial, and real estate. Within financial services, Warburg will consider asset/wealth managers, banks, exchanges, financial technology, insurance, transaction processing, private banking, and specialty/consumer finance. Within healthcare, specific areas of interest include medical devices, healthcare services, and biotech/pharmaceuticals. Within technology/media/communications, Warburg targets software, media/internet/information, financial technology, telecom, business services, and systems/semiconductors. Within energy, specific areas of interest include oil/gas exploration, power generation/transmission, and alternative energy. Warburg Pincus raised its first fund in 1966 and is based in New York City.


DEAL STATS #
Overall 123 of 249
Sector (Information Technology) 5 of 12
Type (Add-on Acquisition) 47 of 90
State (Utah) 1 of 2
Country (United States) 77 of 136
Year (2015) 15 of 20
Size (of disclosed) 20 of 63
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-10-14 LendingPoint

Kennesaw, Georgia, United States

LendingPoint is a provider of direct lending services online. LendingPoint offers a fairer lending environment by helping fair credit consumers unlock access to affordable loans. LendingPoint was founded in 2014 and is based in Kennesaw, Georgia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-10-26 Interactive Data

Bedford, Massachusetts, United States

Interactive Data Corporation is a provider of financial information. Thousands of financial institutions and active traders, as well as hundreds of software and service providers, subscribe to the company's fixed income evaluations, reference data, real-time market data, trading infrastructure services, fixed income analytics,desktop solutions and web-based solutions. Interactive Data’s offerings support clients around the world with mission-critical functions, including portfolio valuation, regulatory compliance, risk management, electronic trading and wealth management. Interactive Data is headquartered in Bedford, Massachusetts and has over 2,400 employees in offices worldwide.

Sell $5.2B
SELLER

Ardian

Paris, France

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1996
PE ASSETS 125.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Ardian is a mega-sized diversified investment group focused on opportunities worldwide. Ardian invests across and manages funds focused on small and mid-sized buyouts, growth capital financings, mezzanine, infrastructure, real estate, and co-investment opportunities. Ardian's small-buyouts group targets controlling interests in French, German, and Italian businesses valued up to €100 million. It's mid-sized buyout group seeks businesses valued up €1.5 billion and does not have any geographic limitations. The Infrastructure team looks for European opportunities and can commit up to €150 million per transaction. The Mezzanine group supports junior capital commitments of €5 to €80 million. In addition to direct investing, Ardian also manages various private equity fund-of-funds. Ardian was founded in 1996 and is based in Paris.


DEAL STATS #
Overall 105 of 220
Sector (Information Technology) 3 of 9
Type (Add-on Acquisition) 29 of 52
State (Utah) 1 of 1
Country (United States) 15 of 25
Year (2015) 9 of 13
Size (of disclosed) 11 of 34
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-10-15 First Data

Atlanta, Georgia, United States

First Data is a provider of electronic commerce and payment solutions for merchants, financial institutions and card issuers. First Data was formed in 1989 and is based in Atlanta, Georgia.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-10-27 Micropross SAS

Villeneuve d'Ascq, France

Micropross SAS is a provider of test and personalization solutions for the business of RFID, smartcard and NFC.

Sell -