WEX Inc.
| Company type | Public |
|---|---|
| Industry | Payment processing, Information management services |
| Predecessor | Wright Express Corporation |
| Founded | 1983 |
| Headquarters | Portland, Maine , United States |
Area served | North America, South America, Europe, Asia, Australia |
Key people | Melissa D. Smith (CEO) |
| Products | Fleet fuel cards, telematics solutions, virtual travel payment cards, health payments services |
| Website | www |
WEX Inc. specializes in payment processing and information management services, focusing mainly on the commercial and government vehicle fleet sectors within the United States. Its headquarters are located in Portland, Maine, while its operations extend across North America, South America, Europe, Asia, and Australia.
History
WEX traces its origins to A.R. Wright, a coal and heating oil supplier based in South Portland, Maine. During the 1980s, the company launched a post-paid fuel card program designed for trucking fleets, which led to the establishment of Wright Express Corporation in 1983.
In 1994, Wright Express Corp. was acquired by SafeCard. Two years later, in 1996, CUC International purchased SafeCard (then known as Ideon) for $375 million. Following CUC’s merger with HFS, Wright Express became part of Cendant.
The company went public in 2005 and underwent rebranding to WEX in 2012 to signify its growth beyond fuel cards into a wider range of payment solutions.
In 2019, WEX inaugurated a new global headquarters covering 100,000 square feet near the Ocean Gateway International Marine Passenger Terminal in Portland, while maintaining a significant presence in South Portland. Additionally, WEX is a founding corporate partner of Northeastern University's Roux Institute, which occupies space within this headquarters facility.
Operations
WEX Fleet delivers fuel card and telematics solutions tailored for vehicle fleet operators. The acquisition of Fleet One in 2012 expanded its fleet card service portfolio. Collaborations with partners such as GasBuddy, OnDeck Capital, and Chevron enhance its customer value proposition. In 2017, WEX Fleet introduced the ClearView Advanced telematics platform aimed at improving fuel management efficiency.
The travel division, known as WEX Virtual, supports online travel agencies by enabling cross-border payments through virtual cards and automating backend accounting processes. Established in 2000, this segment serves prominent clients including HitchHiker, HotelTonight, Expedia, and Priceline.
In 2014, WEX acquired Evolution1—a cloud-based health payments provider—and rebranded it as WEX Health. The WEX Health Cloud manages defined-contribution plans, wellness programs, and transit benefits while partnering with organizations such as Fifth Third Bancorp, Paychex, HSA Bank, and Discovery Benefits.
In January 2020, WEX announced the acquisition of travel payment companies eNett and Optal from Travelport for $577.5 million.
Melissa D. Smith assumed the role of CEO in 2014; under her guidance, annual revenues nearly tripled by November 2023. Recognized for an assertive acquisition approach and investment in early-stage ventures, Smith ranks as the highest-compensated executive among publicly traded companies based in Maine as of 2024.
WEX maintains operations across the United States, United Kingdom, Canada, Brazil, New Zealand, and Australia. The company also owns a banking entity named WEX Bank.
External links
- Financial resources for WEX Inc.:
- Reuters: WEX.N
- Bloomberg: WEX:US
- SEC CIK: 1309108
- Yahoo Finance: WEX
- Google Finance: WEX
- Nasdaq: WEX