What Does It Take to become a Billion-Dollar Business? Mainebiz Interview with CEO Melissa Smith

If you missed the news, WEX became the third Maine-based company to hit $1 Billion in annual revenue, joining leading apparel company L.L. Bean and diagnostic/IT solutions provider IDEXX as the only two companies headquartered in Maine that have generated $1B in revenue in 2016. Mainebiz recently sat down with our CEO, Melissa Smith, to discuss our path to this mark, including our expansion through acquisition, as well as our expansion through organic growth.

Related: For more information on our path to the billion-dollar revenue mark, see our recent blog, WEX Hits $1B Revenue for the First Time.

Melissa Smith Speaks with Mainebiz on WEX Success

Mainebiz author James McCarthy spoke with Ms. Smith, who noted that “It takes a village,” noting that it took the work of all 2,700 WEX employees around the world and their focus, dedication, and discipline to reach this mark.

“We touch so many types of business, both large and small. It’s a lot of volume and we make money little bits at a time,” Smith says. The company’s value proposition to its customers in the fleet, travel and corporate payments, and health-and-employee-benefits segments of its business, she says, is that there is both “security and reliability” and “a high standard of customer service” behind each and every one of those transactions.

Organic Growth is Key to Success

Smith adds, that in addition to the $1.1 billion acquisition of Electronic Funds Source (EFS), much of the growth has come organically, focused on three strategic priorities.

• Drive continued growth:Smith says this is being achieved through a combination of “organic” improvements in its products, marketing, sales force productivity and revenue management practices that are complemented by acquisitions offering opportunities to grow revenues and expand WEX’s market share.
• Lead through superior technology:Achieving this goal, says Smith, depends on innovation and WEX’s ability to deliver payment solutions in each segment that are competitively priced, secure and streamline the payment process for customers.
• Maintain top-of-class operational excellence:In each the segments, Smith says WEX strives “to deliver the best solutions to our partners and customers” quickly, nimbly and with superior customer service.

Learn More: 2017 Mainebiz Business Leader of the Year (Large Company) Melissa Smith

Ms. Smith shares much more in the article, including her own personal path to become the CEO of WEX (a path that landed her the 2017 Mainebiz Business Leader of the Year—Large Company), including her relationship with mentors, what she looks for in other leaders in the company, and the company’s future goals. Read the entire article, Thinking strategically: Melissa Smith helps spur WEX Inc. to $1 billion milestone, here.