WEX to Acquire Electronic Funds Source LLC

We are excited to announce that WEX has signed a definitive agreement to acquire EFS, a leader in corporate payment solutions for over-the-road (OTR) fleets and corporate customers in the US and Canada.

EFS’ strong track record and broad customer acceptance in the mid- and large-sized OTR fleet segments is an ideal complement to WEX’s historic focus on smaller OTR fleets. The combined company would continue to develop capabilities that serve the needs of these customers while also drawing on strengths from both companies’ offerings to provide a more efficient, more comprehensive and better-integrated solution to all customers.

“We are very excited about the prospect of combining these two great companies, which have a strong customer orientation, aligned strategy and a complementary footprint.” said Melissa Smith, WEX’s president and chief executive officer. “We believe this acquisition strengthens our value proposition to customers with a portfolio of best-in-class offerings that will better meet their evolving needs. Additionally, we have the opportunity to draw on the strengths of both companies to drive further scale across the organization, enhance our existing over-the-road business, better serve the needs of mixed fleets and improve the functionality and service we provide to our customers. We look forward to welcoming EFS to WEX and are confident that this combination will deliver long-term value for our shareholders.”

To learn more, read the press release.