WEX Inc.
 | |
| Company type | Public |
|---|---|
| NYSE:WEX S&P 400 Component | |
| ISIN | US96208T1043 |
| Industry | Business Services |
| Founded | 1983 as Wright Express Corp. |
| Headquarters | , |
Key people | Melissa D. Smith (President,Director,&CEO)[1] Michael E. Dubyak (Chairman of the Board)>[1] Roberto Simon (CFO)[1] |
| Products | Fleet cards,corporate payments, virtual card. |
| Revenue |  US$1.54 billion (2020 FY)[1] |
| US$ 239.27 million (2017)[1] | |
| US$ 160.27 million (2017)[1] | |
| Total assets | US$ 6.739 billion (2017)[1] |
| Total equity | US$ 1.72 billion (2017)[1] |
Number of employees | 3,500 (2017)[1] |
| Website | www |
WEX Inc.is a provider of payment processing and information management services to the United States commercial and government vehicle fleet industry. The company is headquartered inPortland, Maineand provides services in theUnited States,Canada,South America,Europe,Asia,andAustralia.[2][3]
History
The company traces its origins to A.R. Wright, a coal and later heating oil business inSouth Portland, Maine.In the 1980s, A.R. Wright began allowing trucks to fuel up without having to pay an attendant by using a post-paidfuel card,leading to the creation of Wright Express Corporation in 1983.[4]
SafeCard purchased Wright Express Corp. in 1994.[5]On February 20, 1996,CUC Internationalacquired SafeCard (now renamed to Ideon) for $375 million.[6]Following CUC's merger with HFS, Wright Express became part ofCendant.
Wright Express went public in 2005.[7]In 2012, it adopted the name WEX, signaling a shift away from focusing on fuel cards and expanding into other payment solutions.[8]
In 2019, WEX opened a new 100,000-square-foot headquarters across from theOcean Gateway International Marine Passenger Terminalin Portland, Maine. The company continues to have a significant presence in South Portland.[9]WEX is one of 10 founding corporate partners of the Roux Institute atNortheastern University,which leases a portion of the WEX headquarters for its campus.[10]
Operations
WEX Fleet provides vehicle fleet customers withfuel cardsand data and telematics offerings for drivers. In 2012, WEX Fleet acquired Fleet One to provide fleet cards to drivers.[11]WEX Fleet also partners withGasBuddy,[12]OnDeck Capital,[13]andChevron,[14]among other companies, to provide services to customers. In 2017, WEX Fleet launched a new telematics platform, ClearView Advanced.[15]
The travel segment, WEX Virtual, helps online travel agencies facilitate cross-border payments through virtual cards, allowing online travel agencies to automate back-end accounting practices. WEX Virtual launched in 2000[16]in support of customers including HitchHiker,[17]HotelTonight, Expedia, and Priceline.
In 2014, WEX acquired Evolution1, a cloud-based health industry payments provider, later renaming it to WEX Health.[18]WEX Health Cloud helps to administer defined-contribution, wellness, and transit plans, among others.[19]Its partners include Fifth Third Bancorp, Paychex, HSA Bank, and Discovery Benefits.[20][21]
In January 2020, the company announced it would acquire travel payments companies eNett and Optal fromTravelportfor $577.5 million.[22]
Melissa D. Smith became CEO of Wex in 2014, with annual revenue nearly tripling during her tenure, as of November 2023.[23][24]She is known for implementing an aggressive acquisition strategy and investing in early-stage companies.[25]As of 2024, Smith is the highest-paid executive of any public company in Maine.[26]
WEX provides services in the United States, the United Kingdom, Canada, Brazil, New Zealand, and Australia.[27]It also operates the wholly owned banking subsidiary WEX Bank.[28]
References
- ^abcdefghi"US SEC: Form 10-K WEX Inc".U.S. Securities and Exchange Commission.RetrievedOctober 30,2018.
- ^WEX opens new headquarters in Portland,2019-03-08,retrieved2022-12-08
- ^"WEX Inc. - Resources - Investor FAQs".ir.wexinc.Retrieved2022-12-08.
- ^December 4; Bookmark +, 2012 • Mike Antich •."Why Wright Express Changed Its Name to WEX".automotive-fleet.Retrieved2022-12-08.
{{cite web}}:CS1 maint: numeric names: authors list (link) - ^"SafeCard Services Inc. of Wyoming has completed its purchase of Wright Express I".Maine News Index – Portland Press Herald.September 15, 1994.
- ^"CUC to Buy Ideon in $375 Million Deal".New York Times.April 23, 1996.
- ^"Wright Express Corporation Announces Pricing of Initial Public Offering".ir.wexinc.Retrieved2022-12-08.
- ^"Wright Express is now WEX Inc".Mainebiz.25 October 2012.Retrieved7 December2022.
- ^"WEX Opens Global Headquarters In Portland".Maine Public.2019-03-08.Retrieved2022-12-08.
- ^Thomsen, Ian (2020-06-17)."Roux Institute partners with WEX on a new facility in Portland".News @ Northeastern.Retrieved2022-12-08.
- ^"Our Story - Fleet One".Fleetone.Retrieved25 November2018.
- ^"WEX Partnering with Gas Buddy on Fuel Data Pact".Automotive-fleet.Retrieved25 November2018.
- ^"BRIEF-Wex and OnDeck announce strategic partnership".Reuters.17 January 2017.Retrieved25 November2018.
- ^"How WEX Won Chevron From FleetCor".Barrons.Retrieved25 November2018.
- ^"WEX launches ClearView Advanced platform for fuel savings".Ccjdigital.26 April 2017.Retrieved25 November2018.
- ^"Jim Pratt: How WEX Ignited B2B Travel Payments".Pymnts.4 January 2017.Retrieved25 November2018.
- ^"SnapShot marketplace, TravelClick gets chatty, and more".Archived fromthe originalon 2017-08-15.Retrieved2017-08-14.
- ^"WEX makes 'big play' for Evolution1".Pressherald.17 June 2014.Retrieved25 November2018.
- ^"Eureka Innovation Award Winner Wex Health".Bizjournals.Retrieved25 November2018.
- ^"Fifth Third Launches Health Care Help".Bizjournals.Retrieved25 November2018.
- ^"#WorkTrends Recap: Building Successful Business Partnerships".25 May 2017. Archived fromthe originalon 2020-09-28.
- ^O'Neill, Sean (2020-12-16)."Travelport Agrees to Sell Enett to Wex at a Bargain Price".Skift.Retrieved2022-12-08.
- ^"Wex CEO taps endurance to lead".Payments Dive.Retrieved2024-06-26.
- ^"Melissa D Smith".bloomberg.Retrieved2024-06-26.
- ^"Wex CEO taps endurance to lead".Payments Dive.Retrieved2024-06-26.
- ^"This Impressive Maine Woman is the No. 1 Highest-Paid Executive of Public Companies in the State".WJBQ 97.9.
- ^December 4; Bookmark +, 2012 • Mike Antich •."Why Wright Express Changed Its Name to WEX".automotive-fleet.Retrieved2024-07-10.
{{cite web}}:CS1 maint: numeric names: authors list (link) - ^December 4; Bookmark +, 2012 • Mike Antich •."Why Wright Express Changed Its Name to WEX".automotive-fleet.Retrieved2024-07-10.
{{cite web}}:CS1 maint: numeric names: authors list (link)
External links
- Business data for WEX Inc.: