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Wright Express Acquires rapid! PayCard, a Domestic Prepaid Payroll Card Provider
Transaction Broadens Company's Payment Solutions Offerings
SOUTH PORTLAND, Maine, Apr 01, 2011 (BUSINESS WIRE) -- Wright Express Corporation (NYSE: WXS), a leading global provider of payment processing and information management services, today announced that it has acquired the assets of rapid! PayCard, a privately held provider of payroll debit cards, e-paystubs and e-W2s in an all cash deal that includes additional considerations for performance milestones. rapid! PayCard is an emerging provider of prepaid products focusing on small and medium sized businesses.
"While rapid! PayCard is currently a niche player, this transaction represents an important step for Wright Express as it enables us to jump start our entrance into the domestic prepaid market and broadens our payment solutions offerings. With over 285,000 businesses that we service directly or through partners, we believe our verticals are, in many cases, prime candidates for a prepaid payroll product. This combined with the level of strong customer satisfaction across our installed base provides us with an opportunity to offer a payroll product to current and future customers," said Michael Dubyak, chairman and chief executive officer of Wright Express. "rapid! PayCard has strong go-to-market capabilities in the payroll sector, as well as expertise in the sales process, employer requirements, key features and best practices. In addition, the company's focus on customer service and training naturally complements Wright Express' corporate culture."
About Wright Express
Wright Express is a leading provider of value-based, business payment processing and information management solutions. The Company's fleet, corporate, and prepaid payment solutions provide its more than 350,000 customers with unparalleled security and control across a wide spectrum of business sectors. The Company's subsidiaries include Wright Express Financial Services, Pacific Pride and Wright Express International, including Wright Express Prepaid Cards Australia and Wright Express Fuel Cards Australia. Wright Express and its subsidiaries employ more than 850 associates in six countries. For more information about Wright Express, please visit wrightexpress.com.
About rapid! PayCard
rapid! PayCard was established in 2004 and has been focused on employer payroll card programs since inception. rapid! Paycard's mission is to help our clients achieve a legally compliant 100% electronic payroll that benefits the company financially, improves the lives of their employees, and creates a more sustainable environmental model for payroll delivery. For more information, visit our website at www.rapidpaycard.com.
This press release contains forward-looking statements, including statements regarding: the company's intention to enter the domestic, prepaid card market and broaden its payment solutions offerings; market a prepaid payroll product to its customers and prospective customers. Forward-looking statements can be identified by the use of words such as "expects," "may," "anticipates," "intends," "would," "will," "plans," "believes," "estimates," "should," and similar words and expressions. These forward-looking statements include a number of risks and uncertainties that could cause actual results to differ materially, including: the company's failure to successfully integrate the businesses it has acquired; the failure to successfully expand business to its current customer base and future customers; 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 bank and securities regulators, or possible changes in banking and derivatives regulations impacting the company's industrial loan bank and the company as the corporate parent; the uncertainties of litigation; the effects of general economics on fueling patterns and the commercial activity of fleets and other businesses, as well as other risks and uncertainties identified in Item 1A of the company's Annual Report for the year ended December 31, 2010, filed on Form 10-K with the Securities and Exchange Commission on February 28, 2010 and the company's subsequent periodic and current reports. The company's forward-looking statements and these factors do not reflect the potential future impact of any alliance, merger, acquisition, disposition or stock repurchases. 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.
SOURCE: Wright Express Corporation