Wex, Inc. (WEX) Reports Acquisition of benefitexpress
- Stocks near record highs on recovery hopes, Curevac sinks
- PayPal (PYPL) Gains After Topping Q1 and Guidance Expectations, Crypto Seen as a Key Growth Driver Going Forward
- Tesla (TSLA) demand is through the roof, already sold out this quarter - Electrek
- Dollar falls as risk appetite improves, sterling steady before BoE
- Uber (UBER) Tops Q1 EPS by 47c, Revenue Misses
Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.
WEX (NYSE: WEX) today announced the signing of an agreement to acquire benefitexpress, a leading provider of highly configurable, cloud-based benefits administration technologies and services. benefitexpress significantly expands WEX’s offerings in benefits administration by adding a complementary suite of solutions to WEX’s Health offerings, including employee enrollment and decision support tools for employees, benefits administration, and important value-added services, such as Affordable Care Act compliance, dependent verification services, and other benefit administration services.
benefitexpress has been a trusted partner of WEX’s Health division for several years. This acquisition will extend WEX’s health and employee benefits products and services across the full, end-to-end needs of employer clients. In addition to making WEX an even more innovative and comprehensive technology and services provider to employers, brokers, and partners, the combined offering will also accelerate opportunities for WEX within the public sector.
“The acquisition of benefitexpress accelerates our strategic vision of offering a complete healthcare ecosystem with a highly complementary benefits administration platform at its core,” said Robert Deshaies, President of WEX’s Health division. “We are excited to welcome the benefitexpress team to the WEX family and look forward to delivering increased value to employers, consumers, and partners through a comprehensive and integrated suite of products, services and technologies.”
Pursuant to the terms of the agreement, WEX will acquire benefitexpress for total consideration of approximately $275 million, subject to certain working capital and other adjustments. WEX expects the acquisition to be neutral to Adjusted Net Income for 2021.
The transaction is expected to be completed in the second quarter, subject to regulatory approvals and other customary closing conditions.
William Blair acted as financial advisor to benefitexpress, and Wilmer Cutler Pickering Hale and Dorr LLP provided legal counsel to WEX.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- International Seaways (INSW) Tops Q1 EPS by 7c, Revenues Miss
- Myers Industries (MYE) Tops Q1 EPS by 3c, Revenues Beat; Offers FY21 EPS Mid-Point Guidance Above Consensus
- Jessica Alba's The Honest Company Inc. (HNST) Prices 25.807M Share IPO at $16/Sh
Create E-mail Alert Related CategoriesCorporate News, Management Comments, Mergers and Acquisitions
Related EntitiesWilliam Blair, Definitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!