WEX Inc.

WEX Inc.
Public
Traded as NYSE: WEX
S&P 400 Component
Founded 1983 as Wright Express Corp
Headquarters South Portland, Maine, United States
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 Increase US$ 1.02 billion (2016)[1]
Decrease US$ 195.13 million (2016)[1]
Decrease US$ 57.48 million (2016)[1]
Total assets Increase US$ 6.00 billion (2016)[1]
Total equity Increase US$ 1.51 billion (2016)[1]
Number of employees
 ~2,600 (2016)[1]
Website www.wexinc.com

WEX Inc. is a provider of payment processing and information management services to the United States commercial and government vehicle fleet industry. The Company provides services in the United States, Canada, New Zealand, and Australia.

Operations

Starting as a fleet card provider in 1983 as Wright Express, WEX Inc. expanded to facilitate corporate payments across the fleet, travel and healthcare industries.[2]

WEX Fleet provides vehicle fleet customers with fuel cards and data and telematics offerings for drivers. In 2012, WEX Fleet acquired Fleet One to provide fleet cards to drivers.[3] WEX Fleet also partners with GasBuddy,[4] OnDeck,[5] and Chevron [6], among other companies, to provide services to customers. In 2017, WEX Fleet launched a new telematics platform, ClearView Advanced.[7]

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 [8] in support of customers including HitchHiker[9], HotelTonight, Expedia, and Priceline.

In 2014, WEX acquired Evolution1,[10] a cloud-based health industry payments provider, later renaming it to WEX Health. WEX Health Cloud helps to administer HSAs, HRAs, FSAs, VEBAs, COBRA, defined-contribution, wellness plans, and transit plans.[11] Some partners include Fifth Third Bancorp,[12] Paychex,[13] HSA Bank, and Discovery Benefits.

References

  1. 1 2 3 4 5 6 7 8 9 "US SEC: Form 10-K WEX Inc". U.S. Securities and Exchange Commission. Missing or empty |url= (help); |access-date= requires |url= (help)
  2. ↑ https://www.wexinc.com/our-story/
  3. ↑ http://www.fleetone.com/content/our-story
  4. ↑ http://www.automotive-fleet.com/channel/fuel-management/news/story/2017/06/wex-to-offer-fuel-locations-in-gas-buddy-pact.aspx
  5. ↑ https://www.reuters.com/article/idUSASC09QZ2
  6. ↑ http://www.barrons.com/articles/how-wex-won-chevron-from-fleetcor-1482267314
  7. ↑ http://www.ccjdigital.com/wex-intros-clearview-advanced-platform-to-save-on-wasteful-fuel-spend/
  8. ↑ http://www.pymnts.com/matchmakers/2017/wex-b2b-travel-payments-jim-pratt/
  9. ↑ https://www.tnooz.com/article/travel-systems-roundup-february-2017/
  10. ↑ http://www.pressherald.com/2014/06/17/maines-wex-announces-500-million-acquisition/
  11. ↑ https://www.bizjournals.com/twincities/news/2017/06/21/2017-eureka-innovation-award-winner-wex-health.html
  12. ↑ https://www.bizjournals.com/cincinnati/news/2016/08/02/fifth-third-launches-health-care-help-for.html
  13. ↑ https://talentculture.com/worktrends-recap-building-successful-business-partnerships/
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