SOUTH PORTLAND, Maine--(BUSINESS WIRE)--Jul. 16, 2014--
WEX
Inc. (NYSE: WEX), a leading provider of corporate payment solutions,
today announced the completion of its acquisition of Evolution1, a
leader in cloud-based technology and payment solutions in the healthcare
industry. Evolution1 is now a wholly-owned subsidiary of WEX.
“The closing of this acquisition is an important milestone in advancing
our long-term strategy,” said Melissa Smith, WEX’s president and chief
executive officer. “The addition of Evolution1 enhances WEX’s healthcare
expertise and enables us to expand our addressable market while at the
same time continuing to build on our growth in the fleet and travel
markets. Evolution1 and its talented employees are a great fit with WEX
both culturally and operationally, and I’m excited by the new
opportunities this acquisition affords our combined businesses.”
WEX previously announced on June 16, 2014, that it would acquire
Evolution1 in an all-cash transaction.
About WEX Inc.
WEX Inc. (NYSE: WEX) is a leading provider of corporate payment
solutions. From its roots in fleet card payments beginning in 1983, WEX
has expanded the scope of its business into a multi-channel provider of
corporate payment solutions representing more than 7.8 million
cardholders and offering exceptional payment security and control across
a wide spectrum of business sectors. The Company’s operations include
WEX Bank, Fleet One, Pacific Pride, rapid! PayCard, WEX Australia, WEX
New Zealand and WEX Europe, as well as a majority equity position in WEX
Europe Services and UNIK S.A., Brazil. WEX and its subsidiaries employ
more than 1,400 associates. For more information about WEX, please visit www.wexinc.com.
About Evolution1
At Evolution1®, we simplify the business of healthcare. We do
that through innovative healthcare software and payment solutions that
administer and manage consumer directed accounts. But we don’t do it
alone. Our network of Partner organizations enables us to deliver our
industry-leading solution to 90,000 employers and more than 10,000,000
consumers across the country. Together we take the complexity out of
defined contribution, HSAs, HRAs, FSAs, VEBAs, PRAs, wellness plans and
transit plans. Created with users in mind, our solutions provide a
single end-to-end intuitive user experience that reduces costs, saves
time and ultimately simplifies the business of healthcare.
Forward-Looking Statements
This news release contains forward-looking statements, including
statements regarding the expected impact and integration of WEX’s
acquisition of Evolution1; future performance and opportunity of the
combined businesses; and, confidence in future performance. Any
statements that are not statements of historical facts may be deemed to
be forward-looking statements. These forward-looking statements are
subject to a number of risks and uncertainties that could cause actual
results to differ materially, including: the effects of general economic
conditions; the effects of the Company’s business expansion and
acquisition efforts; the Company’s failure to successfully integrate the
acquired business; the Company's failure to consummate previously
announced business plans; 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
impact of foreign currency exchange rates on the Company’s operations,
revenue and income; changes in interest rates; the impact of the
Company’s outstanding debt 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 the Company's
annual report on Form 10-K filed with the Securities and Exchange
Commission on February 27, 2014 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 other
alliance, merger, acquisition, disposition or stock repurchases. The
forward-looking statements speak only as of the date of this news
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: WEX Inc.
WEX Inc.
News media contact:
Jessica Roy, 207-523-6763
Jessica.Roy@wexinc.com
or
Investor
Relations contact:
Michael E. Thomas, 207-523-6743
Michael.Thomas@wexinc.com