SOUTH PORTLAND, Maine--(BUSINESS WIRE)--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.
