WEX to Acquire Benaissance

We are excited to announce that WEX has signed a definitive agreement to acquire Benaissance, a leading provider of integrated software-as-a-service (SaaS) technologies and services for premium billing, payment and workflow management within the healthcare market. The addition of Benaissance will build on the success we’ve seen in our healthcare business.

Since its founding in 2006, Benaissance has revolutionized premium billing and payment acceptance practices through two industry-leading SaaS solutions. This includes ExchangePoint℠, which addresses the complex financial management demands of public and private health insurance exchanges for employers and individuals as well as COBRApoint®, which addresses complex financial management, benefits administration and payment processing for individual subscribers.

Benaissance’s platform will expand WEX’s payments leadership position by allowing us to offer consolidated individual and group premium billing and payments technology and services to employers and consumers via public and private exchanges, carriers and third party administrators. Integrating Benaissance’s robust payment and billing capabilities with the existing Evolution1 platform, will allow WEX to offer customers more complete payment solutions that increase loyalty and wallet share over time.

The transaction is still subject to regulatory approval and other closing conditions and is likely to close by the end of year. Meanwhile, WEX and Benaissance will continue to operate as two separate and independent businesses.

To learn more about the Benaissance acquisition, read the press release.