WEX and Holman Expand Partnership Across U.S. and Canada

Rhea-AI Summary

WEX and Holman have expanded their partnership through 2030, extending their 30-year collaboration in fleet mobility payments and technology solutions. The agreement renews their U.S. partnership and expands commercial fleet payments across Canada. Holman will continue using WEX's solutions for internal accounts payable and employee health benefits. WEX processed approximately $225 billion in total purchase volume in 2023 and serves over 600,000 commercial fleet customers globally, representing about 19.7 million commercial vehicles as of Q3 2024.

Positive

• Extended partnership agreement through 2030, securing long-term revenue stream
• Geographic expansion into Canadian market
• Diversified service utilization including fleet payments, accounts payable, and health benefits
• Strong market presence with $225B purchase volume processed in 2023
• Large customer base of 600,000 commercial fleet customers globally

Negative

• None.

Insights

Financial Analyst

The expanded partnership through 2030 represents a significant business win for WEX, solidifying long-term revenue streams in both U.S. and Canada. With WEX processing $225 billion in total purchase volume in 2023 and serving over 600,000 fleet customers globally, this renewal with a major player like Holman reinforces their market leadership position. The expansion into Canada opens additional revenue opportunities in a key North American market.

The deal's comprehensive nature, including fleet mobility payments, accounts payable and employee health benefits solutions, demonstrates WEX's successful cross-selling strategy and deep integration with enterprise clients. This multi-year commitment provides predictable revenue visibility and strengthens WEX's competitive moat in the fleet management sector.

For over 30 years, WEX has provided fleet mobility payments and technology solutions to Holman

PORTLAND, Maine--(BUSINESS WIRE)-- WEX (NYSE: WEX), the global commerce platform that simplifies the business of running a business, today announced an expanded agreement with Holman, one of the largest integrated automotive service companies in North America, that extends the companies’ longstanding partnership through 2030.

The agreement renews a more than 30-year partnership between WEX and Holman in the U.S., which leverages WEX fleet mobility solutions as part of Holman’s offerings to its customers. The agreement also expands the companies’ existing commercial fleet payments partnership across Canada. Additionally, Holman leverages WEX payments solutions for its internal accounts payable and employee health benefits functions.

“We are proud to announce that Holman will continue to leverage WEX’s fleet mobility payments and technology solutions to serve their customers,” said Carlos Carriedo, Chief Operating Officer, Americas Payments & Mobility at WEX. “This longstanding and growing partnership is emblematic of WEX’s commitment to serving best-in-class fleet management companies, such as Holman, and to WEX’s industry-leading offerings in commercial fleet management and other financial technology solutions.”

“In today’s fast-paced business environment, fleet operators need a convenient and reliable payment solution that also delivers visibility into their fuel spend to better control costs,” said Holman’s President of Fleet Management Operations Bob White. “Holman is proud of our long-standing partnership with WEX and looks forward to continuing to offer our customers an innovative fuel program that simplifies fuel transactions for all fleet stakeholders.”

WEX is a leader in B2B financial technology, with approximately $225 billion in total purchase volume processed in 2023 alone. In the mobility space, more than 600,000 commercial fleet customers across the world rely on WEX technology, representing approximately 19.7 million commercial vehicles serviced globally as of Q3 2024.

About WEX

WEX (NYSE: WEX) is the global commerce platform that simplifies the business of running a business. WEX has created a powerful ecosystem that offers seamlessly embedded, personalized solutions for its customers around the world. Through its rich data and specialized expertise in simplifying benefits, reimagining mobility, and paying and getting paid, WEX aims to make it easy for companies to overcome complexity and reach their full potential. For more information, please visit www.wexinc.com.

Forward-Looking Statements

This press release contains forward-looking statements including, but not limited to, statements about expectations for our partnership with Holman. Any statements in this press release that are not statements of historical facts are forward-looking statements. When used in this press release, the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “project,” “will,” “positions,” “confidence,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such words. Forward-looking statements relate to our future expectations, and are not historical facts and accordingly involve known and unknown risks and uncertainties and other factors that may cause the actual results to be materially different from future results expressed or implied by these forward-looking statements, including a change that could negatively impact the partnership with Holman in the future; as well as other risks and uncertainties identified in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission on February 23, 2024 and subsequent filings with the Securities and Exchange Commission. The forward-looking statements speak only as of the date of this press release and undue reliance should not be placed on these statements. The Company disclaims any obligation to update any forward-looking statements as a result of new information, future events, or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241112347011/en/

Media:

WEX

Megan Zaroda, 610-379-6211

megan.zaroda@wexinc.com



Investors:

WEX

Steve Elder, 207-523-7769

Steve.Elder@wexinc.com

Source: WEX

FAQ

What is the duration of WEX's renewed partnership with Holman?

WEX's partnership with Holman has been extended through 2030.

How many commercial fleet customers does WEX (NYSE: WEX) serve globally?

WEX serves over 600,000 commercial fleet customers globally, representing approximately 19.7 million commercial vehicles as of Q3 2024.

What was WEX's total purchase volume processed in 2023?

WEX processed approximately $225 billion in total purchase volume in 2023.

What new geographic market does the WEX-Holman partnership expand into?

The partnership expands WEX's commercial fleet payments services into Canada.