WEX Expands Presence in Europe with OMV Win

Rhea-AI Summary

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.

Positive

• WEX expands its market presence in Europe through a strategic partnership with OMV.
• WEX's technology platform will manage OMV's fuel card program, providing significant growth potential.
• The partnership allows WEX to process ROUTEX transactions, enhancing operational capabilities.

Negative

• None.

WEX (NYSE: WEX), a leading financial technology service provider, announced today its agreement with OMV expanding its presence within Europe. WEX will implement its technology platform to manage OMV’s fuel card program across ten markets within Europe. The implementation is expected to be completed within the next two years.

OMV produces and markets oil and gas, as well as chemical solutions in a responsible way and develops innovative solutions for a circular economy. In Upstream, OMV has a strong base in Central and Eastern Europe as well as a balanced international portfolio, with Middle East & Africa, the North Sea, Russia and Asia-Pacific as further core regions. In Downstream, OMV operates three refineries in Europe and owns a 15% share in ADNOC Refining and ADNOC Global Trading. Furthermore, the Company operates about 2,100 filling stations in ten European countries. In support of its retail operations, OMV is currently issuing its own fuel cards.

OMV is a part of ROUTEX, an international network alliance between ARAL, BP, Circle K Europe, eni and OMV, making it one of the biggest fueling networks in Europe. The ROUTEX network has common card processing and security standards across Europe which enable participating member card programs to work at fueling locations across the ROUTEX network. WEX technology will process the ROUTEX transactions on behalf of OMV associated with this network.

“We’re thrilled OMV selected our technology to power its fuel card program,” said Brian Fournier, senior vice president and general manager of global partners at WEX. “Expanding our presence in Europe is a strategic focus for WEX as we continue our investment in forming strategic partnerships like the one with OMV.”

About WEX
Powered by the belief that complex payment systems can be made simple, WEX (NYSE: WEX) is a leading financial technology service provider across a wide spectrum of sectors, including fleet, travel and healthcare. WEX operates in more than 10 countries and in more than 20 currencies through more than 5,200 associates around the world. WEX fleet cards offer 15.8 million vehicles exceptional payment security and control; purchase volume in travel and corporate solutions was $20.9 billion in 2020; and the WEX Health financial technology platform helps 408,000 employers and 33.1 million consumers better manage healthcare expenses. For more information, visit www.wexinc.com.

About OMV
OMV Aktiengesellschaft
OMV produces and markets oil and gas, as well as chemical solutions in a responsible way and develops innovative solutions for a circular economy. With Group sales revenues of EUR 17 bn and a workforce of around 26,000 employees in 2020 (incl. Borealis), OMV is one of Austria’s largest listed industrial companies. In Upstream, OMV has a strong base in Central and Eastern Europe as well as a balanced international portfolio, with Middle East & Africa, the North Sea, Russia and Asia-Pacific as further core regions. Daily average production was 463,000 boe/d in 2020. In Downstream, OMV operates three refineries in Europe and owns a 15% share in ADNOC Refining and ADNOC Global Trading, with a total annual processing capacity of 24.9 mn tons. Furthermore, OMV operates about 2,100 filling stations in ten European countries and runs gas storage facilities in Austria and Germany. In 2020, total natural gas sales volumes amounted to around 164 TWh.

In the chemicals sector, OMV, through its subsidiary Borealis, is one of the world’s leading providers of advanced and circular polyolefin solutions and a European market leader in base chemicals, fertilizers and the mechanical recycling of plastics. Borealis operates in over 120 countries. In 2020, Borealis generated EUR 6.8 billion in sales revenue. The company supplies services and products to customers around the globe through Borealis and two important joint ventures: Borouge (with the Abu Dhabi National Oil Company, or ADNOC, based in UAE); and Baystar™ (with Total, based in the US).

View source version on businesswire.com: https://www.businesswire.com/news/home/20210301005086/en/

FAQ

What is WEX's recent partnership announcement regarding OMV?

WEX announced a partnership with OMV to manage its fuel card program across ten European markets, completing implementation within two years.

Which markets will WEX expand into with OMV?

WEX will implement its technology platform in ten European markets as part of its partnership with OMV.

What technology will WEX provide for OMV's fuel card program?

WEX will use its technology platform to manage OMV's fuel card program and process ROUTEX transactions.

How does the partnership with OMV benefit WEX?

The partnership allows WEX to expand its presence in Europe and enhances its operational capabilities through transaction processing.

How long will it take to implement WEX's technology for OMV?

The implementation of WEX's technology for OMV's fuel card program is expected to be completed within two years.