Skip to main content

Market Overview

WEX Acquires benefitexpress For $275M

Share:
WEX Acquires benefitexpress For $275M
  • Financial technology service provider WEX Inc (NYSE: WEXinked an agreement to acquire configurable, cloud-based benefits administration technologies and services provider, benefitexpress, for $275 million.
  • benefitexpress expanded WEX's benefits administration offering by adding a complementary suite of solutions. It had been a trusted WEX's Health division partner for several years.
  • This acquisition will extend WEX's health and employee benefits products and services across employer clients' end-to-end needs.
  • The arrangement will make WEX a more advanced and wide-ranging technology and services provider to employers, brokers, partners, and fast-track opportunities within the public sector.
  • WEX expects the acquisition to be adjusted net income neutral for 2021. WEX had recently acquired certain health savings account assets of HealthcareBank.
  • WEX held cash and equivalents of $852 million as of Dec. 31, 2020.
  • Price action: WEX shares closed lower by 0.87% at $220.97 on Tuesday.
 

Related Articles (WEX)

View Comments and Join the Discussion!

Posted-In: BriefsM&A News Tech Media

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com