Transaction will add new product and channel capabilities to accounts
payable offerings within WEX’s Corporate Payments business
SOUTH PORTLAND, Maine--(BUSINESS WIRE)--Oct. 22, 2018--
WEX
Inc. (NYSE: WEX), a leading provider of corporate payments
solutions, today announced the signing of an agreement to acquire
Noventis, an electronic payments network focused on optimizing payment
delivery for bills and invoices to commercial entities.
WEX has a longstanding relationship with Noventis as a critical supplier
of virtual cards that enable payment transactions through Noventis’
network. This acquisition will expand WEX’s reach as a corporate
payments supplier and provide more channels to billing aggregators and
financial institutions. The combined offering will provide a path to
additional payments functionality and flexibility to Noventis’
customers, including financial institutions, bill pay processors and
accounts payable (AP) software providers. The transaction is expected to
close in the first half of 2019 following customary regulatory approvals.
“The purchase of Noventis is an important element in expanding WEX’s
corporate payments business. This acquisition will complement WEX’s
current offerings with new payment delivery capabilities that enhance AP
payments and provide seamless delivery of electronic payments,” said Jay
Dearborn, WEX’s president of corporate payments. “We are excited to
build upon Noventis’ offerings in the United States, which will position
us to innovate and provide solutions to our partners and customers.”
WilmerHale LLP and Sidley Austin LLP provided legal counsel to WEX.
Raymond James acted as financial advisor to Noventis while Akin Gump
Strauss Hauer & Feld LLP and Schulte Roth & Zabel LLP provided legal
counsel.
About WEX
Powered by the belief that complex payment systems can be made simple,
WEX Inc. (NYSE: WEX) is a leading provider of payment processing and
business solutions 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 3,500 associates around the
world. WEX fleet cards offer 11.5 million vehicles exceptional payment
security and control; purchase volume in its travel and corporate
solutions grew to $30.3 billion in 2017; and the WEX Health financial
technology platform helps 300,000 employers and more than 25 million
consumers better manage healthcare expenses. For more information, visit www.wexinc.com.
Safe Harbor Statement
Certain matters discussed in this press release are "forward-looking
statements" intended to qualify for the safe harbors from liability
established by the Private Securities Litigation Reform Act of 1995.
These forward-looking statements can generally be identified as such by
the context of the statements, including words such as “believe,”
“expect,” “anticipate,” “plan,” “may,” “would,” “intend,” “estimate,”
“guidance” and other similar expressions, whether in the negative or
affirmative, although not all forward-looking statements contain such
words. These forward-looking statements are based on current
expectations, estimates, forecasts and projections about the industry
and markets in which the Company operates and management’s beliefs and
assumptions. There can be no assurance that: the benefits of the
proposed acquisition will be successful in maximizing the Company’s
operational plans; the acquisition will close at all or will close in
the first half of 2019; or, that the combined business will enable
advanced partner or customer offerings. The Company cannot guarantee
that it actually will achieve the financial results, plans, intentions,
expectations or guidance disclosed in the forward-looking statements
made. Such forward-looking statements involve a number of risks and
uncertainties, any one or more of which could cause actual results to
differ materially from those described in such forward-looking
statements. Such risks and uncertainties include or relate to, among
other things: the effects of general economic conditions on fueling
patterns as well as payment and transaction processing activity; the
impact of foreign currency exchange rates on the Company’s operations,
revenue and income; changes in interest rates; the impact of
fluctuations in fuel prices; the effects of the Company’s business
expansion and acquisition efforts; potential adverse changes to business
or employee relationships, including those resulting from the completion
of an acquisition; competitive responses to any acquisitions;
uncertainty of the expected financial performance of the combined
operations following completion of an acquisition; the ability to
successfully integrate the Company's acquisitions; the ability to
realize anticipated synergies and cost savings; unexpected costs,
charges or expenses resulting from an acquisition; the Company's failure
to successfully operate and expand ExxonMobil's European and Asian
commercial fuel card programs; 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 standards;
breaches of the Company’s technology systems or those of third-party
service providers and any resulting negative impact on the Company’s
reputation, liabilities or 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; failure to successfully implement
the Company’s information technology strategies and capabilities in
connection with its technology outsourcing and insourcing arrangements
and any resulting cost associated with that failure; the actions of
regulatory bodies, including banking and securities regulators, or
possible changes in banking or financial regulations impacting the
Company’s industrial bank, the Company as the corporate parent or other
subsidiaries or affiliates; the impact of the Company’s outstanding
notes on its operations; the impact of increased leverage on the
Company's operations, results or borrowing capacity generally, and as a
result of acquisitions specifically; the incurrence of impairment
charges if the Company’s assessment of the fair value of certain
reporting units changes; the uncertainties of litigation; as well as
other risks and uncertainties identified in Item 1A of the Company’s
Annual Report for the year ended December 31, 2017, filed on Form 10-K
with the Securities and Exchange Commission on March 1, 2018.
The Company's forward-looking statements 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.
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Source: WEX Inc.
WEX Inc.
Media:
Rob Gould, 207-523-7429
robert.gould@wexinc.com
or
Investors:
Steve
Elder, 207-523-7769
steve.elder@wexinc.com