SOUTH PORTLAND, Maine--(EON: Enhanced Online News)--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.
“We’re thrilled to extend our 24-year partnership with WEX into the Canadian market”
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.”
This 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 EFS
WEX acquired the EFS fleet business in July of 2016.
About Enterprise Fleet Management
Owned 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.