WEX Inc. Announces New Collaboration with Enterprise Fleet Management in Canada
January 11 2017 - 6:30AM
Business Wire
WEX Inc., a leading global provider of corporate payment
solutions, today announced that it has signed a new agreement with
Enterprise Fleet Management in Canada. The partnership supports
Enterprise’s growth in the Canadian market through WEX’s Canadian
fleet capabilities.
WEX and Enterprise Fleet Management have been working together
since 1993 in the United States. Leveraging the Canadian fueling
locations now available through WEX’s acquisition of EFS, the
expanded partnership will deliver WEX products to Enterprise Fleet
Management customers throughout Canada as well.
“WEX is a global company servicing markets throughout the world.
We are looking forward to this new chapter in our partnership with
Enterprise and the opportunity for us to expand our presence in
Canada,” said Melissa Smith, president and CEO of WEX, Inc. “WEX
and Enterprise have a long, successful history together, and we’re
certain that working in tandem to bring our offering to Canada will
prove beneficial to everyone involved.”
“We’re thrilled to extend our 24-year partnership with WEX into
the Canadian market,” said Brice Adamson, Senior Vice President of
Enterprise Fleet Management. “We have a great history of working
collaboratively with WEX, and we are confident we will see
continued success through this expanded agreement.”
Forward-Looking StatementsThis news release contains
forward-looking statements, including statements regarding: the
impact of WEX’s entry into a commercial relationship with
Enterprise Fleet Management to help expand in the Canadian Market
and the impact of that relationship WEX’s and Enterprise’s
commercial growth; and, the benefits of the same to WEX and
Enterprise customers. Any statements that are not statements of
historical facts may be deemed to be forward-looking statements.
When used in this new release, the words "may," "could,"
"anticipate," "plan," "continue," "project," "intend," "estimate,"
"believe," "expect,” 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 effects of general economic conditions on fueling
patterns as well as payment and transaction processing activity;
the impact of foreign currency exchange rates on the Company’s
operations, revenue and income; changes in interest rates; the
impact of fluctuations in fuel prices; the effects of the Company’s
business expansion and acquisition efforts; potential adverse
reactions or changes to business or employee relationships,
including those resulting from the completion of an acquisition;
competitive responses to any acquisitions; uncertainty of the
expected financial performance of the combined operations following
completion of an acquisition; the ability to successfully integrate
the Company's acquisitions, specifically, the Electronic Funds
Source LLC's operations and employees; the ability to realize
anticipated synergies and cost savings; unexpected costs, charges
or expenses resulting from an acquisition; the Company's failure to
successfully operate and expand commercial fuel card programs for
its various customers, including Enterprise; the failure of
corporate investments to result in anticipated strategic value; the
impact and size of credit losses; the impact of changes to the
Company's credit standards; breaches of the Company’s technology
systems and any resulting negative impact on our reputation,
liabilities or relationships with customers or merchants; the
Company’s failure to maintain or renew key agreements; failure to
expand the Company’s technological capabilities and service
offerings as rapidly as the Company’s competitors; the actions of
regulatory bodies, including banking and securities regulators, or
possible changes in banking or financial regulations impacting the
Company’s industrial bank, the Company as the corporate parent or
other subsidiaries or affiliates; the impact of the Company’s
outstanding notes on its operations; the impact of increased
leverage on the Company's operations, results or capacity
generally, and as a result of potential acquisitions specifically;
financial loss if the Company determines it necessary to unwind any
derivative instrument positions prior to the expiration of a
contract; the incurrence of impairment charges if our assessment of
the fair value of certain of our reporting units changes; the
uncertainties of litigation; as well as other risks and
uncertainties identified in Item 1A of our annual report on Form
10-K for the year ended December 31, 2015, filed on February 26,
2016, and Item 1.A. of Part II of the quarterly report on Form 10-Q
filed on April 28, 2016, both with the Securities and Exchange
Commission. The Company's forward-looking statements do not reflect
the potential future impact of any alliance, merger, acquisition,
disposition or stock repurchases, other than the acquisition. The
forward-looking statements speak only as of the date of this news
release and undue reliance should not be placed on these
statements. The Company disclaims any obligation to update any
forward-looking statements as a result of new information, future
events or otherwise.
About WEX Inc.WEX Inc. (NYSE: WEX) 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 approximately 10 million vehicles and
offering exceptional payment security and control across a wide
spectrum of business sectors. WEX serves a global set of customers
and partners through its operations around the world, with offices
in the United States, Australia, New Zealand, Brazil, the United
Kingdom, Italy, France, Germany, Norway and Singapore. WEX and its
subsidiaries employ more than 2,500 associates. The company has
been publicly traded since 2005, and is listed on the New York
Stock Exchange under the ticker symbol “WEX.” For more information,
visit www.wexinc.com and follow WEX on Twitter at @WEXIncNews.
About WEX Subsidiary EFSWEX acquired the EFS fleet
business in July of 2016.
About Enterprise Fleet ManagementOwned by the Taylor
family of St. Louis, Enterprise Fleet Management supplies most
makes and models of cars, light- and medium-duty trucks and service
vehicles across North America. The business provides full-service
management for companies, government agencies and organizations
operating medium-sized fleets of 20 or more vehicles, as well as
those seeking an alternative to employee reimbursement programs.
Enterprise Fleet Management operates a network of more than 50
fully-staffed offices, which manages more than 430,000 vehicles in
the U.S. and Canada. The company also has been recognized with the
Automotive Service Excellence “Blue Seal of Excellence” award for
20 consecutive years, an industry record.
Enterprise Fleet Management and its affiliate, Enterprise
Holdings, together offer a total transportation solution. Through
an integrated global network of independent regional subsidiaries
and franchises, Enterprise Holdings operates more than 9,600 fully
staffed neighborhood and airport branch offices worldwide.
Combined, these businesses, which include car rental and
car-sharing services, truck rental, corporate fleet management and
retail car sales, accounted for more than $20.9 billion in revenue
and operated nearly 1.9 million vehicles throughout the world in
fiscal year 2016.
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version on businesswire.com: http://www.businesswire.com/news/home/20170111005146/en/
Media contact:WEXRob Gould,
207-523-7429robert.gould@wexinc.com
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