WEX Mergers and Acquisitions Summary

Business ServicesCompany

WEX has acquired 20 companies, including 7 in the last 5 years. A total of 8 acquisitions came from private equity firms. It has also divested 2 assets.

WEX’s largest acquisition to date was in 2015, when it acquired Electronic Funds Source for $1.1B. It’s largest disclosed sale occurred in 2014, when it sold Pacific Pride Services to FleetCor Technologies for $50M. WEX has acquired in 10 different US states, and 6 countries. The Company’s most targeted sectors include business services (39%) and internet software and services (23%).

Join Mergr and gain access to WEX’s M&A summary, the M&A summaries of companies just like it, as well as recent M&A activity in the business services sector.

M&A Summary

  • M&A Total Activity20
    • M&A Buy Activity18
    • M&A Sell Activity2
  • Total Sectors Invested 5
  • Total Countries Invested 6
  • M&A Buy/Sell Connections 13
  • M&A Advisors 7

WEX

WEX, Inc.

1 Hancock Street,
Portland, Maine 04101
United States,
(207) 773-8171
www.wexinc.com

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.


M&A Summary

Buy vs Sell

Year ≤ '17 '18 '19 '20 '21 '22 T
Buy (1.4/yr) # 11 1 2 2 2 - 18
vol $2.5B $425M $275M $3.2B
Sell (0.0/yr) # 2 - - - - - 2
vol $50M $50M
  20

Most Recent M&A

Company Date Value Type
Benefit Express Services LLC 2021-04-14 275M USD Add-on Acquisition
Schaumburg, Illinois · www.benefitexpress.info
HealthcareBank - HSA Assets 2021-02-11 - Divestiture
Fargo, North Dakota
eNett International (Singapore) Pte. Ltd. 2020-01-24 - Divestiture
, Singapore · www.enett.com
Optal Ltd. 2020-01-24 - Add-on Acquisition
Melbourne, Australia · www.optal.com
GO Fuel Card 2019-03-25 - Divestiture
Breda, Netherlands · www.go-fuelcard.com
Discovery Benefits, Inc. 2019-01-17 425M USD Add-on Acquisition
Fargo, North Dakota · www.discoverybenefits.com
Noventis, Inc. 2018-10-22 - Add-on Acquisition
Houston, Texas · www.noventispayments.com
WEX Fuel Management 2017-11-01 - Divestiture
Louisville, Kentucky · www.wexfuelmanagement.com
Electronic Funds Source LLC 2015-10-19 1.1B USD Add-on Acquisition
Ogden, Utah · www.efsllc.com
COCO Development LLC (dba Benaissance) 2015-10-15 80M USD Add-on Acquisition
Omaha, Nebraska · www.benaissance.com
View All >>

M&A by Sector

Sector Buy # Value Sell # Value
Business Services 7 (39%) 824M (26%) 1 (50%) 50M (100%)
Internet Software and Services 4 (22%) 808M (25%) - -
Financial Services 3 (17%) 369M (12%) - -
Software 2 (11%) 80M (3%) 1 (50%) -
Information Technology 2 (11%) 1.1B (35%) - -
Total 18 $3.2B 2 $50M

By Geo

State/Country Buy Value Sell Value
United States 11 2.8B 2 50M
  North Dakota 2 425M - -
  Oregon 1 32M 1 50M
  Kentucky 1 - 1 -
  Utah 1 1.1B - -
  Texas 1 - - -
  Tennessee 1 369M - -
  Nebraska 1 80M - -
  Illinois 1 275M - -
  Florida 1 - - -
  Connecticut 1 533M - -
Australia 2 318M - -
United Kingdom 2 28M - -
Brazil 1 22M - -
Netherlands 1 - - -
Singapore 1 - - -
Domestic 11 (61%) 2.8B (88%) 2 (100%) 50M (100%)
Cross-border 7 (39%) 367M (12%) - -
Total 18 $3.2B 2 $50M

Top M&A Advisors

Financial Deals
Bank of America Merrill Lynch (BofA Securities)
5
Headwaters MB
1
Legal Deals
Wilmer Cutler Pickering Hale and Dorr LLP
6
Clifford Chance LLP
2
Weil Gotshal & Manges LLP
1

Deal Values

buy # Total
> $1B 1 $1.1B
$100M to $1B 5 $1.9B
< $100M 4 $161M
TOTAL $3.2B
Largest Electronic Funds Source LLC
$1.1B (2015-10-19)
sell # Total
< $100M 1 $50M
TOTAL $50M
Largest Pacific Pride Services LLC
$50M (2014-07-30)

M&A Connections

Deals
Acquired from
Investor(s)
33%
6 (33%)
Strategic(s)
22%
4 (22%)
Divested to
Strategic(s)
100%
2 (100%)

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