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WEX to Acquire Electronic Funds Source

SOUTH PORTLAND, Maine & NASHVILLE, Tenn. — WEX Inc., a leading provider of corporate payment solutions, has entered into an agreement to acquire Electronic Funds Source LLC (EFS) for a total consideration of approximately $1.1 billion in cash and four million shares of common stock to be issued to investment funds affiliated with Warburg Pincus, EFS’ current owner.

EFS’ strong track record and broad customer acceptance in mid- and large-sized over-the-road (OTR) fleet segments is an ideal complement to WEX. The combined company would serve the needs of all sizes and types of fleets by drawing on strengths from both companies’ offerings to provide a more efficient, more comprehensive and better-integrated solution to all customers.

EFS’ OTR platform adds functionality in controls, permitting, fuel price analytics, mobile account maintenance and strong acceptance in Canada.

WEX and EFS have focused on different parts of the corporate payments spectrum, which will allow customers to benefit from the combined company’s more diverse set of capabilities. For WEX customers, this includes the addition of a variety of corporate card options, including a single, multi-purpose card. Moving forward, the combination would deliver continuous innovation and sector expertise to anticipate industry trends and adapt the combined offering accordingly.

Additionally, the combination will further diversify WEX’s earnings and help to reduce its exposure to fuel price sensitivity. WEX estimates that approximately 16% of EFS’ revenue is exposed to fuel prices.

“We are very excited about the prospect of combining these two great companies, which have a strong customer orientation, aligned strategy and a complementary footprint,” said Melissa Smith, WEX’s president and CEO. “We believe this acquisition strengthens our value proposition to customers with a portfolio of best-in-class offerings that will better meet their evolving needs.”

He continued, “We have the opportunity to draw on the strengths of both companies to drive further scale across the organization, enhance our existing over-the-road business, better serve the needs of mixed fleets and improve the functionality and service we provide to our customers.”

The transaction, which has been unanimously approved by the WEX board, is subject to regulatory approvals and other customary closing conditions.

Upon closing, investment funds affiliated with Warburg Pincus will become WEX’s largest shareholder. Warburg Pincus’ managing director and member of the executive management group, Jim Neary, will join WEX’s board.

Nashville, Tenn.-based EFS provides customized corporate payment solutions for fleet and corporate customers with a focus on the large and mid-sized fleet segments. EFS has established a proprietary network of more than 14,000 accepting locations in the United States and Canada for the OTR fleet industry and services a diverse base of more than 17,000 customers. EFS has a robust product set, offering customized purchase controls and validations, enhanced data and analytics, unique settlement capabilities, real-time connectivity and state-of-the-art technology.

WEX, South Portland, Maine, is a leading provider of corporate payment solutions. From its roots in fleet card payments beginning in 1983, WEX has expanded the scope of its business into a multi-channel provider of corporate payment solutions representing nine million vehicles and offering payment security and control across a spectrum of business sectors.


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