WEX Inc.
{{Short description|Payment processing & information management service company}}
{{pp-semi-indef}}
{{Infobox company
| logo = WEX logo.svg
| type = Public
| industry = Business Services
| traded_as = {{nyse|WEX}}
S&P 400 Component
| name = WEX Inc.
| foundation = 1983 as Wright Express Corp.
| location_city = Portland, Maine
| location_country = United States
| key_people = {{nowrap|Melissa D. Smith}}
{{nowrap|(President, Director, & CEO)}}
{{nowrap|Michael E. Dubyak}}
{{nowrap|(Chairman of the Board)>}}
{{nowrap|Roberto Simon (CFO)}}
| products = Fleet cards, corporate payments, virtual card.
| revenue = {{nowrap|{{increase}} US$ 1.54 billion (2020 FY){{cite web|url=https://www.sec.gov/Archives/edgar/data/1309108/000130910818000013/wex2017123110-k.htm|title=US SEC: Form 10-K WEX Inc.|publisher=U.S. Securities and Exchange Commission|accessdate=October 30, 2018}}}}
| operating_income = {{nowrap|{{increase}} US$ 239.27 million (2017)}}
| net_income = {{nowrap|{{increase}} US$ 160.27 million (2017)}}
| assets = {{nowrap|{{increase}} US$ 6.739 billion (2017)}}
| equity = {{nowrap|{{increase}} US$ 1.72 billion (2017)}}
| num_employees = {{nowrap|3,500 (2017)}}
| homepage = {{URL|https://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 is headquartered in Portland, Maine and provides services in the United States, Canada, South America, Europe, Asia, and Australia.{{Citation |title=WEX opens new headquarters in Portland |date=2019-03-08 |url=https://www.wmtw.com/article/wex-opens-new-headquarters-in-portland/26767398 |access-date=2022-12-08 |language=en}}{{Cite web |title=WEX Inc. - Resources - Investor FAQs |url=https://ir.wexinc.com/resources/investor-faqs/default.aspx |access-date=2022-12-08 |website=ir.wexinc.com |language=en-US}}
History
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.{{Cite web |last1=December 4 |last2=Bookmark + |first2=2012 • Mike Antich • |title=Why Wright Express Changed Its Name to WEX |url=https://www.automotive-fleet.com/148341/why-wright-express-changed-its-name-to-wex |access-date=2022-12-08 |website=www.automotive-fleet.com}}
SafeCard purchased Wright Express Corp. in 1994.{{cite news | url=https://digitalcommons.portlandlibrary.com/news_pph/14862|title=SafeCard Services Inc. of Wyoming has completed its purchase of Wright Express I|work=Maine News Index – Portland Press Herald|date=September 15, 1994}} On February 20, 1996, CUC International acquired SafeCard (now renamed to Ideon) for $375 million.{{cite news | url=https://www.nytimes.com/1996/04/23/business/cuc-to-buy-ideon-in-375-million-deal.html|title=CUC to Buy Ideon in $375 Million Deal| work=New York Times |date=April 23, 1996}} Following CUC's merger with HFS, Wright Express became part of Cendant.
Wright Express went public in 2005.{{Cite web |title=Wright Express Corporation Announces Pricing of Initial Public Offering |url=https://ir.wexinc.com/news/news-details/2005/Wright-Express-Corporation-Announces-Pricing-of-Initial-Public-Offering/default.aspx |access-date=2022-12-08 |website=ir.wexinc.com |language=en-US}} In 2012, it adopted the name WEX, signaling a shift away from focusing on fuel cards and expanding into other payment solutions.{{Cite web |date=25 October 2012 |title=Wright Express is now WEX Inc. |url=https://www.mainebiz.biz/article/wright-express-is-now-wex-inc |access-date=7 December 2022 |website=Mainebiz}}
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.{{Cite web |date=2019-03-08 |title=WEX Opens Global Headquarters In Portland |url=https://www.mainepublic.org/business-and-economy/2019-03-08/wex-opens-global-headquarters-in-portland |access-date=2022-12-08 |website=Maine Public |language=en}} WEX is one of 10 founding corporate partners of the Roux Institute at Northeastern University, which leases a portion of the WEX headquarters for its campus.{{Cite web |last=Thomsen |first=Ian |date=2020-06-17 |title=Roux Institute partners with WEX on a new facility in Portland |url=https://news.northeastern.edu/2020/06/17/roux-institute-partners-with-wex-on-a-new-facility-in-portland/ |access-date=2022-12-08 |website=News @ Northeastern |language=en-US}}
Operations
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.{{cite web|url=http://www.fleetone.com/content/our-story|title=Our Story - Fleet One|website=Fleetone.com|accessdate=25 November 2018}} WEX Fleet also partners with GasBuddy,{{cite web|url=http://www.automotive-fleet.com/channel/fuel-management/news/story/2017/06/wex-to-offer-fuel-locations-in-gas-buddy-pact.aspx|title=WEX Partnering with Gas Buddy on Fuel Data Pact|website=Automotive-fleet.com|accessdate=25 November 2018}} OnDeck Capital,{{cite news|url=https://www.reuters.com/article/idUSASC09QZ2|title=BRIEF-Wex and OnDeck announce strategic partnership|website=Reuters.com|date=17 January 2017|accessdate=25 November 2018}} and Chevron,{{cite web|url=http://www.barrons.com/articles/how-wex-won-chevron-from-fleetcor-1482267314|title=How WEX Won Chevron From FleetCor|website=Barrons.com|accessdate=25 November 2018}} among other companies, to provide services to customers. In 2017, WEX Fleet launched a new telematics platform, ClearView Advanced.{{cite web|url=http://www.ccjdigital.com/wex-intros-clearview-advanced-platform-to-save-on-wasteful-fuel-spend/|title=WEX launches ClearView Advanced platform for fuel savings|website=Ccjdigital.com|date=26 April 2017|accessdate=25 November 2018}}
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{{cite web|url=http://www.pymnts.com/matchmakers/2017/wex-b2b-travel-payments-jim-pratt/|title=Jim Pratt: How WEX Ignited B2B Travel Payments |website=Pymnts.com|date=4 January 2017 |accessdate=25 November 2018}} in support of customers including HitchHiker,{{Cite web |url=https://www.tnooz.com/article/travel-systems-roundup-february-2017/ |title=SnapShot marketplace, TravelClick gets chatty, and more |access-date=2017-08-14 |archive-url=https://web.archive.org/web/20170815020512/https://www.tnooz.com/article/travel-systems-roundup-february-2017/ |archive-date=2017-08-15 |url-status=dead }} HotelTonight, Expedia, and Priceline.
In 2014, WEX acquired Evolution1, a cloud-based health industry payments provider, later renaming it to WEX Health.{{cite web |date=17 June 2014 |title=WEX makes 'big play' for Evolution1 |url=http://www.pressherald.com/2014/06/17/maines-wex-announces-500-million-acquisition/ |accessdate=25 November 2018 |website=Pressherald.com}} WEX Health Cloud helps to administer defined-contribution, wellness, and transit plans, among others.{{cite web|url=https://www.bizjournals.com/twincities/news/2017/06/21/2017-eureka-innovation-award-winner-wex-health.html|title=Eureka Innovation Award Winner Wex Health|website=Bizjournals.com|accessdate=25 November 2018}} Its partners include Fifth Third Bancorp, Paychex, HSA Bank, and Discovery Benefits.{{cite web |title=Fifth Third Launches Health Care Help |url=https://www.bizjournals.com/cincinnati/news/2016/08/02/fifth-third-launches-health-care-help-for.html |accessdate=25 November 2018 |website=Bizjournals.com}}{{Cite web |date=25 May 2017 |title=#WorkTrends Recap: Building Successful Business Partnerships |url=https://talentculture.com/worktrends-recap-building-successful-business-partnerships/ |archive-url=https://web.archive.org/web/20200928085741/https://talentculture.com/worktrends-recap-building-successful-business-partnerships/ |archive-date=2020-09-28}}
In January 2020, the company announced it would acquire travel payments companies eNett and Optal from Travelport for $577.5 million.{{Cite web |last=O'Neill |first=Sean |date=2020-12-16 |title=Travelport Agrees to Sell Enett to Wex at a Bargain Price |url=https://skift.com/2020/12/16/travelport-agrees-to-sell-enett-to-wex-at-a-bargain-price-due-to-pandemic/ |access-date=2022-12-08 |website=Skift |language=en-US}}
Melissa D. Smith became CEO of Wex in 2014, with annual revenue nearly tripling during her tenure, as of November 2023.{{Cite web |title=Wex CEO taps endurance to lead |url=https://www.paymentsdive.com/news/wex-ceo-melissa-smith-acquisitions-trucking-fuel-healthcare-travel/699674/ |access-date=2024-06-26 |website=Payments Dive |language=en-US}}{{Cite web |title=Melissa D Smith |url=https://www.bloomberg.com/profile/person/7160707?embedded-checkout=true |access-date=2024-06-26 |website=www.bloomberg.com}} She is known for implementing an aggressive acquisition strategy and investing in early-stage companies.{{Cite web |title=Wex CEO taps endurance to lead |url=https://www.paymentsdive.com/news/wex-ceo-melissa-smith-acquisitions-trucking-fuel-healthcare-travel/699674/ |access-date=2024-06-26 |website=Payments Dive |language=en-US}} As of 2024, Smith is the highest-paid executive of any public company in Maine.{{Cite web |title=This Impressive Maine Woman is the No. 1 Highest-Paid Executive of Public Companies in the State |url=https://wjbq.com/highest-paid-executive-public-companies-maine-melissa-smith/ |website=WJBQ 97.9}}
WEX provides services in the United States, the United Kingdom, Canada, Brazil, New Zealand, and Australia.{{Cite web |last1=December 4 |last2=Bookmark + |first2=2012 • Mike Antich • |title=Why Wright Express Changed Its Name to WEX |url=https://www.automotive-fleet.com/148341/why-wright-express-changed-its-name-to-wex |access-date=2024-07-10 |website=www.automotive-fleet.com |language=en-US}} It also operates the wholly owned banking subsidiary WEX Bank.{{Cite web |last1=December 4 |last2=Bookmark + |first2=2012 • Mike Antich • |title=Why Wright Express Changed Its Name to WEX |url=https://www.automotive-fleet.com/148341/why-wright-express-changed-its-name-to-wex |access-date=2024-07-10 |website=www.automotive-fleet.com |language=en-US}}
References
{{Reflist}}
External links
{{official|https://www.wexinc.com}}
{{Finance links
| name = WEX Inc.
| symbol = WEX
| reuters = WEX.N
| bloomberg = WEX:US
| sec_cik = 1309108
| yahoo = WEX
| google = WEX
| nasdaq = WEX
}}
{{S&P 400 companies}}
{{authority control}}
Category:Companies listed on the New York Stock Exchange
Category:Service companies of the United States
Category:Companies based in Cumberland County, Maine
Category:South Portland, Maine