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WEX Inc. (NYSE: WEX) is a global leader in corporate payment solutions designed to enhance business efficiency, security, and cost control. Founded in 1983 with a focus on fleet card payments, WEX has since diversified its offerings to encompass a wide array of corporate payment solutions, serving millions of cardholders across various sectors, including travel, healthcare, and employee benefits.
The company operates in three main segments: Mobility, Benefits, and Corporate Payments. The Mobility segment, which generates the highest revenue, offers fleet vehicle payment solutions, transaction processing, and information management services for both commercial and government fleets. The Corporate Payments segment provides business-to-business payment processing and transaction monitoring services. The Benefits segment focuses on healthcare payment products and a consumer-directed software platform.
WEX has a significant presence across North and South America, Europe, Australia, New Zealand, and Asia, employing over 2,000 associates. The company is committed to delivering exceptional payment security and control, ensuring that businesses of all sizes can operate efficiently and profitably.
Recent achievements highlight WEX's commitment to innovation and industry leadership. The company has filed a federal lawsuit against HP Inc. and Hewlett-Packard Development Company, L.P. for trademark infringement. This legal action underscores WEX's dedication to protecting its brand and intellectual property rights.
For more detailed information and the latest updates, visit WEX Inc.
WEX (NYSE: WEX) has secured a state-wide fleet card contract with the State of Minnesota through the NASPO ValuePoint Master Agreement, expanding its government contract portfolio. With recent contracts signed in Washington, Oregon, Colorado, Wisconsin, Arizona, and Connecticut, WEX now holds 34 state government contracts and approximately 1.2 million cards issued to government entities. The Fleet Card program offers convenient payment tools and reporting for fuel and electric vehicle charging services to Minnesota agencies and local governments.
WEX Inc. (NYSE:WEX) has extended its share repurchase program, originally launched in 2017, allowing for the buyback of up to $150 million in common stock. This renewed program will expire on September 30, 2025. As of July 28, 2021, WEX had about 44.8 million shares outstanding. The repurchase strategy aims to enhance shareholder value through market purchases, contingent upon market conditions and legal considerations. The announcement comes amid uncertainties related to economic impacts and fluctuating market conditions.
WEX (NYSE: WEX) has launched the WEX Pay Card, enabling real-time fund transfers for businesses, 24/7, through a secure card that works anywhere Mastercard® is accepted. The card allows users to eliminate paper checks, reducing payroll management costs and risks. With the PayControl mobile app, cardholders can manage their accounts and transfer funds easily. The card also offers surcharge-free ATM access and is designed to streamline payroll processes while enhancing employee attraction and retention efforts.
WEX reported Q2 2021 revenue of $459.5 million, a 32% increase from Q2 2020. Net loss attributable to shareholders was $33.9 million, compared to net income of $72.7 million in Q2 2020. Adjusted net income surged 91% year-over-year to $104.9 million, or $2.31 per diluted share. Total purchase volume processed exceeded $21 billion, with strong growth in Fleet and Travel Solutions segments. For Q3 2021, WEX anticipates revenue between $465 million and $480 million and adjusted net income between $98 million and $107 million.
WEX Inc. (NYSE: WEX), a leader in financial technology services, will release its second quarter 2021 financial results before market opening on July 29, 2021. CEO Melissa Smith and CFO Roberto Simon will host a conference call at 10:00 A.M. EDT to discuss the results. Investors can access the live webcast through the company's website, and a replay will be available post-call until August 19, 2021. WEX serves various sectors, managing significant payment volumes, including $20.9 billion in travel and corporate solutions in 2020.
WEX (NYSE: WEX), a financial technology service provider, has secured a multi-year fleet card contract with California’s Department of General Services. This contract will enable various state agencies to utilize WEX’s payment tools for fuel, electric vehicle charging, and fleet maintenance expenses. The contract was awarded due to WEX's proven technology and service in government sectors. WEX aims to enhance the operational efficiency of California's fleet operations through its comprehensive analytics and reporting capabilities.
Emburse, a leader in expense management, has launched Emburse Pay - B2B Payments, an integrated solution designed for corporate accounts payable teams. This offering aims to enhance efficiency by streamlining invoice processing and reducing reliance on physical checks, thereby optimizing cash flow and enabling organizations to take advantage of early payment discounts. WEX is the launch partner, providing comprehensive payment services integrated into Emburse’s solutions. This product is currently available for Emburse Chrome River Invoice customers.
WEX (NYSE: WEX) announced the election of three new board directors: Nancy Altobello, Bhavana Bartholf, and Derrick Roman, effective June 4, 2021. Altobello brings expertise in talent acquisition and governance, previously serving as Global Vice Chair, Talent at Ernst & Young. Bartholf is currently Global Head of Strategy for Microsoft Solutions, contributing extensive experience in technology and business development. Roman, a former partner at PricewaterhouseCoopers, offers vast knowledge in financial accounting and risk management. Their diverse skills are expected to enhance WEX's strategic direction.
TransferMate and WEX have partnered to enhance international payment capabilities for businesses. This integration simplifies complex cross-border transactions, making them more secure and efficient. WEX clients will benefit from seamless domestic and international transfers, which will lower costs and enhance payment management. The partnership signifies a commitment to improved payment solutions for global companies, allowing for local currency transactions and enhanced tracking.
WEX (NYSE: WEX) has successfully completed its acquisition of benefitexpress, a provider of cloud-based benefits administration technologies and services. This acquisition, announced on April 14, 2021, is expected to be neutral to WEX's Adjusted Net Income for the fiscal year 2021. The strategic move aims to enhance WEX's technology offerings and market position within the financial technology sector.
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