WEX Parties Also Agree to Settle Outstanding Litigation in English Courts
WEX Inc., a leading financial technology service provider, announced the completion of its previously announced agreement to acquire eNett, a leading provider of B2B payments solutions, and Optal, a company that specializes in optimizing B2B transactions. WEX paid total consideration of approximately $577.5 million, funded from cash on hand. Though visibility remains limited due to COVID-19, WEX expects the impact of the acquisition on adjusted net income will be immaterial through calendar year 2021.
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In conjunction with this acquisition, WEX is expanding the leadership team within the B2B payments-focused Travel and Corporate Solutions segment. Anthony Hynes, former Managing Director and CEO of eNett International, will be President of the Travel division, responsible for customers in the travel marketplace. Jay Dearborn will remain President of Corporate Payments, responsible for WEX’s B2B payments products targeted at financial institutions, technology companies and corporate customers. Both Jay and Anthony will report directly to CEO Melissa Smith.
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Additionally, contemporaneously with the completion of the acquisition, WEX and the former shareholders of eNett and Optal have agreed to a full and final settlement of the litigation pending in the English courts relating to the previously announced purchase agreement.
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