WEX Completes Acquisition of benefitexpress
June 01 2021 - 9:47AM
Business Wire
WEX (NYSE: WEX), a leading financial technology service
provider, today announced that it has completed the acquisition of
benefitexpress, a leading provider of highly configurable,
cloud-based benefits administration technologies and services. WEX
previously announced its entry into a definitive agreement to
acquire benefitexpress on April 14, 2021. WEX expects the
acquisition to be neutral to Adjusted Net Income in fiscal year
2021.
Forward-Looking Statement Disclaimer
This press release contains forward-looking statements intended
to qualify for the safe harbors from liability established by the
Private Securities Litigation Reform Act of 1995, including
statements regarding: the expected strategic, operational, and
financial benefits of this transaction, including with respect to
the anticipated effect of this transaction on WEX’s Adjusted Net
Income. Any statements that are not statements of historical facts
may be deemed to be forward-looking statements. When used in this
press release, the words “anticipate,” “believe,” “continue,”
“could,” “estimate,” “expect,” “intend,” “may,” “plan,” “project”
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: the extent to which the
coronavirus (COVID-19) pandemic and measures taken in response
thereto adversely impact WEX’s business, results of operations and
financial condition in excess of current expectations; the effects
of its business expansion and acquisition efforts; potential
adverse changes to business or employee relationships, including
those resulting from the completion of an acquisition, including
this acquisition; competitive responses to this acquisition;
uncertainty of the expected financial performance of the combined
operations following completion of this acquisition; the failure to
successfully integrate this acquisition; the ability to realize
anticipated synergies and cost savings; unexpected costs, charges
or expenses resulting from this acquisition; the failure of
corporate investments to result in anticipated strategic value; the
impact and size of credit losses; breaches of its technology
systems or those of its third-party service providers and any
resulting negative impact on its reputation, liabilities or
relationships with customers or merchants; its failure to maintain
or renew key commercial agreements; failure to expand its
technological capabilities and service offerings as rapidly as its
competitors; failure to successfully implement its information
technology strategies and capabilities in connection with its
technology outsourcing and insourcing arrangements and any
resulting cost associated with that failure; the impact of
increased leverage on its operations, results or borrowing capacity
generally, and as a result of acquisitions specifically; as well as
other risks and uncertainties identified in Item 1A of its Annual
Report for the year ended December 31, 2020, filed on Form 10-K
with the Securities and Exchange Commission on March 1, 2021. WEX’s
forward-looking statements do not reflect the potential future
impact of any alliance, merger, acquisition, disposition or stock
repurchases, other than the acquisition described above. The
forward-looking statements speak only as of the date of this press
release and undue reliance should not be placed on these
statements. WEX disclaims any obligation to update any
forward-looking statements as a result of new information, future
events or otherwise.
About WEX
Powered by the belief that complex payment systems can be made
simple, WEX (NYSE: WEX) is a leading financial technology service
provider across a wide spectrum of sectors, including fleet,
corporate payments, travel and health. WEX has offices in more than
10 countries and employs more than 5,200 associates around the
world. WEX fleet cards offer approximately 16 million vehicles
exceptional payment security and control; purchase volume in travel
and corporate solutions was $20.9 billion in 2020 and was processed
in over 20 currencies; our health division provides
consumer-directed healthcare technology and services, and reached
an estimated 34.3 million U.S. consumers as of March 31, 2021. For
more information, visit www.wexinc.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20210601005685/en/
Media Contact: Robert Gould robert.gould@wexinc.com
207.523.7429
Investor Contact: Steve Elder steve.elder@wexinc.com
207.523.7769
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