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 in Portland, Maine [2] [3] and provides services in the United States, Canada, South America, Europe, Asia, and Australia.
The company traces its origins to A.R. Wright, a coal and later heating oil business in South Portland, Maine. In the 1980s, A.R. Wright began allowing trucks to fuel up without having to pay an attendant by using a post-paid fuel card, leading to the creation of Wright Express Corporation in 1983. [4]
SafeCard purchased Wright Express in 1994. [5] On February 20, 1996, CUC International acquired SafeCard (now renamed to Ideon) for $375 million. [6] Following CUC's merger with HFS, Wright Express became part of Cendant.
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 the Ocean Gateway International Marine Passenger Terminal in Portland, Maine. The company continues to have a significant presence in South Portland. [9] WEX is one of ten founding corporate partners of the Roux Institute at Northeastern University, which leases a portion of the WEX headquarters campus. [10]
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. [11] WEX Fleet also partners with GasBuddy, [12] OnDeck Capital, [13] and Chevron, [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, [18] 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. [19] Some partners include Fifth Third Bancorp, [20] Paychex, [21] HSA Bank, and Discovery Benefits.
In January 2020, the company announced it would acquire travel payments companies eNett and Optal from Travelport for $577.5 million. [22]
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