Wright Express changes name to reflect new global scope

Posted Oct. 25, 2012, at 11:33 a.m.
Wright Express announced on Oct. 25, 2012, that it was changing its name to WEX Inc. to project a new global image. This is the company's new logo.
Wright Express
Wright Express announced on Oct. 25, 2012, that it was changing its name to WEX Inc. to project a new global image. This is the company's new logo.

SOUTH PORTLAND, Maine — Wright Express announced on Thursday morning it has changed its name to WEX Inc. to project a new global image in the wake of a series of international acquisitions.

The company, which was founded in South Portland in 1983 as a provider of fuel cards for vehicle fleets, has made several acquisitions over the past six months that has greatly expanded its payment services and global reach.

In May, the company acquired CorporatePay, a United Kingdom company that provides corporate prepaid services to the travel industry, and in August acquired a 51-percent stake in UNIK S.A., a Brazilian company that provides payroll cards and other payment processing services for the retail, government and transportation sectors. The company in September also bought Tennessee-based Fleet One, another fleet payment card provider, for $369 million in cash.

The company now provides “physical, digital and virtual corporate card payment solutions,” according to a media release.

“Today begins a new chapter in our company’s evolution with the launch of our new, international brand, WEX Inc.,” CEO Michael Dubyak said in a statement. “The ongoing execution of our growth strategy further enables WEX Inc. to diversify its business and expand our international footprint, while maintaining our focus on expanding our core Americas’ fleet business.”

In early August, Wright Express posted revenue of $153.1 million for the second quarter of 2012, an 8 percent jump from the $141.3 million it reported for the second quarter of 2011. It is scheduled to release third-quarter results on Oct. 31.

The company, which posted 2011 revenues of approximately $553 million, will continue to be listed on the New York Stock Exchange under the ticker WXS.

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