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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), a leading financial technology service provider, announced its agreement to acquire benefitexpress for approximately $275 million. This acquisition is expected to enhance WEX's offerings in benefits administration, adding tools for employee enrollment, ACA compliance, and verification services. The transaction aligns with WEX's strategic vision to provide a comprehensive healthcare ecosystem. WEX anticipates this acquisition will be neutral to its Adjusted Net Income for 2021, with completion expected in the second quarter pending regulatory approvals.
WEX (NYSE: WEX) has finalized its acquisition of health savings account (HSA) assets from HealthcareBank. This strategic move, first announced on February 11, 2021, aims to enhance WEX's Health division by increasing adjusted net income for fiscal year 2021. The acquisition is expected to provide significant financial benefits, supporting WEX's mission to simplify complex payment systems.
WEX (NYSE:WEX) announced an amendment and restatement of its credit facility, increasing commitments from $870 million to $930 million. The outstanding tranche A term loans will rise to approximately $978 million. The new maturity date for revolving credit and tranche A loans is April 1, 2026, while tranche B loans mature on April 1, 2028. The interest rate margins are set at 2.00% for LIBOR on revolving and tranche A loans, and 2.25% for tranche B loans. The company also incurred customary fees related to the arrangement.
WEX Inc. (NYSE: WEX) announced efforts to refinance its credit facility, targeting an extension of maturity dates for tranche A term loans and revolving credit to 2026, and tranche B term loans to 2028. The refinancing is subject to market conditions and there are no guarantees it will be completed. The company, a leader in corporate payment solutions, operates globally across various sectors, managing significant transaction volumes. Adverse impacts from the COVID-19 pandemic and economic conditions are ongoing concerns for WEX's financial stability.
WEX (NYSE: WEX) has successfully renewed a multi-year contract with Sourcewell, which serves government, education, and nonprofit sectors, providing access to cooperative contracts. This marks the third consecutive contract between WEX and Sourcewell, allowing users to access fuel cards and premium GPS tracking without a new RFP process. Sourcewell boasts over 50,000 registered users across North America, facilitating free participation for eligible entities. WEX aims to leverage its governmental sector experience to enhance fleet management efficiency for public agencies.
WEX (NYSE: WEX) has partnered with Ford Smart Mobility LLC to provide fuel card solutions to Ford's commercial fleet customers. This collaboration will enable Ford customers to access WEX's comprehensive fuel card offerings, including the WEX Universal card. Ford's clients will benefit from features like customizable spending controls, online account access, and detailed reporting. The fuel cards promise a 95% acceptance rate at fueling locations across the U.S. This agreement is expected to enhance value for Ford's commercial fleet clientele.
WEX (NYSE: WEX) has entered into an agreement with OMV to enhance its fuel card program across ten European markets. The initiative aims to leverage WEX's technology platform and is expected to be completed within two years. OMV, a key player in the oil and gas sector, is part of ROUTEX, a significant fueling network in Europe, and WEX will process ROUTEX transactions for OMV. This partnership aligns with WEX's strategic focus on expanding its presence in Europe.
WEX, a financial technology leader, reported significant growth in 2020 within its Health division. The company now connects over 408,000 employers, serving more than 33 million consumers in the U.S. and Canada. WEX has over 6.5 million Health Savings Account (HSA) accounts, marking it as the top platform in the country. Nearly 60% of Fortune 1000 companies utilize WEX technology. WEX enhanced its platform and engaged in partnerships to boost consumer awareness and benefits education, achieving over 688 million media impressions in 2020.
WEX reported a 9% revenue decline for Q4 2020, totaling $399.0 million, impacted negatively by lower fuel prices and foreign exchange rates. The company posted a net loss of $234.2 million or $(5.30) per diluted share, driven by nonrecurring charges.
For the full year, total revenue fell 10% to $1.56 billion, with a net loss of $5.56 per share compared to a profit in 2019. Despite these challenges, WEX noted positive trends in its corporate payments and health solutions segments. The CEO expressed optimism for future growth as customer demand returns.
WEX Inc. (NYSE: WEX) announced its participation in two upcoming investor conferences. The Chief Financial Officer, Roberto Simon, will present at the 2021 Virtual KBW Fintech Payments Conference on February 25 at 12:10 PM EST, with a live webcast available on the company's website. Following this, CEO Melissa Smith will speak at the Raymond James Institutional Investors Virtual Conference on March 3 at 4:40 PM EST, also accessible via the company’s site. Audio replays will be available for 90 days post-event.
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