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WEX Inc. Announces Definitive Agreement to Acquire Benaissance
Strengthens WEX’s Offering in the High-Growth Healthcare Payments Space
The transaction, which has been approved by the boards of directors of both companies, is subject to regulatory approvals and other customary closing conditions. It is anticipated that the transaction will close in the fourth quarter of 2015.
Since its founding in 2006, Benaissance has revolutionized premium billing and payment acceptance practices through two industry-leading SaaS solutions. This includes ExchangePoint℠, which addresses the complex financial management demands of public and private health insurance exchanges for employers and individuals as well as COBRApoint®, which addresses complex financial management, benefits administration and payment processing for individual subscribers. Benaissance’s platform offers consolidated individual and group premium billing and payments technology and services to employers and consumers via public and private exchanges, carriers and third party administrators. Upon completion of the transaction, Benaissance will be integrated with WEX’s existing Evolution1 platform. Benaissance and Evolution1 have built a successful relationship over the past decade and already share a number of mutual partners and customers.
Benaissance is the trusted financial management partner for health benefits administration, and pioneered the industry’s leading ExchangePoint℠ and COBRApoint® Software as Service (SaaS) solutions for individual single-point and consolidated group premium billing. Together, these two solutions deliver highly efficient, scalable billing and payment solutions with easy-to-understand billing and convenient payment options—for tens of thousands of US employers and millions of American families through private exchanges, state based marketplaces, and over 100 health plan and TPA customers.
This news release contains forward-looking statements, including statements regarding: beliefs about the accretive nature of the transaction; the anticipated closing date for the transaction; beliefs that the transaction will expand the company’s addressable market opportunity, customer loyalty and wallet share over time; and, beliefs that the transaction will strengthen the company’s overall value proposition in the addressable market. Any statements that are not statements of historical facts may be deemed to be forward-looking statements. When used in this news release, the words "may," "could," "anticipate," "plan," "continue," "project," "intend," "estimate," "believe," "expect" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such words. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially, including: decisions and inquiries by governmental regulatory agencies which are beyond the company’s control; the effects of the Company’s business expansion and acquisition efforts; the Company’s failure to successfully integrate the businesses it has acquired; the failure of corporate investments to result in anticipated strategic value; the impact and size of credit losses; the impact of changes to the Company's credit standard; breaches of the Company’s technology systems and any resulting negative impact on our reputation, or liabilities, or loss of relationships with customers or merchants; the Company’s failure to maintain or renew key agreements; failure to expand the Company’s technological capabilities and service offerings as rapidly as the Company’s competitors; the actions of regulatory bodies, including banking, competition and securities regulators, or possible changes in banking regulations impacting the Company’s industrial bank and the Company as the corporate parent; changes in interest rates; the impact of the Company’s outstanding notes on its operations; the incurrence of impairment charges if our assessment of the fair value of certain of our reporting units changes; the uncertainties of litigation; as well as other risks and uncertainties identified in Item 1A of our Annual Report for the year ended