September 22, 2019
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WEX to buy Texas-based electronic network to speed bill payments

Courtesy of WEX
Courtesy of WEX
An artist's rendition of what the new WEX headquarters would look like as part of a proposed Thames Street project in Portland.

WEX, the second-largest public company in Maine, said late Monday it plans to buy Noventis, a Houston, Texas-based electronic payments network company, for an undisclosed amount.

The transaction is scheduled to be completed in the first half of 2019 following customary regulatory approvals.

WEX, based in South Portland, processes payments for commercial and government vehicle fleets in the United States, Canada and other countries.

It closed calendar year 2017 with revenue of $1.25 billion, just behind animal health company IDEXX at $1.97 billion,

Noventis focuses on streamlining payment delivery of bills and invoices to commercial entities.

WEX said the acquisition of Noventis will add new products and business channels to the accounts payable products offered by WEX’s corporate payments business. The acquisition also will give WEX more access to billing aggregators and financial institutions.

Noventis already had supplied WEX with virtual cards for payment transactions.

“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 [automated payments] and provide seamless delivery of electronic payments,” Jay Dearborn, WEX’s president of corporate payments, said in a prepared statement.

WEX, which operates in more than 10 countries, is in the process of completing a new 100,000-square-foot headquarters across from Portland’s Ocean Terminal that can accommodate 450 workers. It is scheduled for completion in February or March of 2019, WEX spokesman Rob Gould said. The company will still use its current South Portland building.

WEX is scheduled to release third quarter financial results on Oct. 31.

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