WEX - M&A Summary and Business Overview

Information TechnologyCompany

WEX M&A Summary

WEX has acquired 21 companies, including 7 in the last 5 years. A total of 9 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 Corpay for $50M. WEX has acquired in 11 different US states, and 6 countries. The Company’s most targeted sectors include business services (37%) and internet software and services (22%).

WEX Business Overview

Where is WEX headquartered?

WEX is headquartered in Portland, Maine.

What is WEX’s revenue?

WEX disclosed revenue of 2,548M USD for 2023 and 2,351M USD for 2022.

How many employees does WEX have?

WEX has 5,300 employees.

What sector is WEX in?

WEX is an information technology company.

When was WEX founded?

WEX was founded in 1983.

M&A Summary

  • M&A Total Activity21
    • M&A Buy Activity19
    • 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 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.


M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (1.0/yr) # 14 2 2 - 1 - 19
vol $2.9B $275M $250M $3.4B
Sell (0.0/yr) # 2 - - - - - 2
vol $50M $50M
  21

Most Recent M&A

Company Date Value Type
Payzer LLC 2023-10-26 250M USD Add-on Acquisition
Charlotte, North Carolina · www.payzer.com
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
View All >>

M&A by Sector

Sector Buy # Value Sell # Value
Business Services 7 (37%) 824M (24%) 1 (50%) 50M (100%)
Internet Software and Services 4 (21%) 808M (24%) - -
Software 3 (16%) 330M (10%) 1 (50%) -
Financial Services 3 (16%) 369M (11%) - -
Information Technology 2 (11%) 1.1B (32%) - -
Total 19 $3.4B 2 $50M

By Geo

State/Country Buy Value Sell Value
United States 12 3.1B 2 50M
  North Dakota 2 425M - -
  Kentucky 1 - 1 -
  Oregon 1 32M 1 50M
  North Carolina 1 250M - -
  Nebraska 1 80M - -
  Illinois 1 275M - -
  Florida 1 - - -
  Connecticut 1 533M - -
  Utah 1 1.1B - -
  Texas 1 - - -
  Tennessee 1 369M - -
Australia 2 318M - -
United Kingdom 2 28M - -
Brazil 1 22M - -
Netherlands 1 - - -
Singapore 1 - - -
Domestic 12 (63%) 3.1B (89%) 2 (100%) 50M (100%)
Cross-border 7 (37%) 367M (11%) - -
Total 19 $3.4B 2 $50M

Top M&A Advisors

Financial Deals
BofA Securities
5
Headwaters MB
1
Legal Deals
Wilmer Cutler Pickering Hale and Dorr LLP
6
Clifford Chance
2
King & Wood Mallesons
1

Deal Values

buy # Total
> $1B 1 $1.1B
$100M to $1B 6 $2.2B
< $100M 4 $161M
TOTAL $3.4B
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)
37%
7 (37%)
Strategic(s)
21%
4 (21%)
Divested to
Strategic(s)
100%
2 (100%)

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