WEX Completes Acquisition of eNett and Optal

PORTLAND, Maine--(BUSINESS WIRE)--WEX Inc. (NYSE:WEX), a leading financial technology service provider, today 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.

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.

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.

Contact Us
  • White LinkedIn Icon
  • White Twitter Icon

34 Bermudiana Road, Hamilton, Bermuda

For a full list of ICM global office locations click here

© 2021 by Allectus Capital Limited 

We are not offering financial or other professional advice on this site. We are not liable for any damages however arising from the use of or inability to use this site, or any material contained in it, or from any action or decision taken as a result of using this site or any such material.