WEX Hits $1B Revenue Mark for the First Time

WEX has long been known as a leader in fleet, a respected name in travel, healthcare, and media, and an innovator in corporate payments, but was yet to join the prestigious billion-dollar club—an elite group or organizations recognized as among the largest in the world—until now. This all changed when we announced our fourth-quarter earnings statement on Monday, February 13, 2017, joining two other Maine-based companies—L.L. Bean and IDEXX Laboratories—as the only three in the state to exceed $1B in revenue.

How WEX Joined the Billion-Dollar Club

What drove this growth, one that took us from $854.6MM in 2015 to $1.02B in 2016? Acquisitions, partnerships, and the continued innovation and entrepreneurial, growth-minded spirit of our employees and leaders.

New Faces: Acquisitions Driving Growth

One of the biggest drivers of our growth was the completion of our acquisition of Electronic Funds Source LLC, who joined the WEX family officially on July 1, 2016, nine months after announcing a definitive agreement in 2015. This agreement not only helped both companies (now one) to weather variations in fuel costs, expanded WEX’s product offering, and ultimately provided a new revenue stream that helps WEX, its customers, and its shareholders to reap the benefits.

This follows two healthcare-focused acquisitions in 2015 (Evolution1 and Benaissance) which have fueled growth and helped our company develop a foothold in the healthcare benefits community.

New Partnerships: Long List of High Profile Partnerships and Agreements

2016 was a big year for our sales team around the world, as we announced a multitude of new and renewed agreements that improved our financial standing and helped our partners to capitalize on our payments offerings in fleet, travel, healthcare, media, and insurance.

A Commitment to Growth-Minded, Happy Employees

Most importantly, we couldn’t have reached the billion-dollar mark without the help of our 2,500+ hardworking employees. This is why in 2016, we made a multitude of announcements and improvements that will help them in their personal and professional lives.

Among these changes were the announcement that we will be expanding our parental leave policy, offering up to six weeks of fully paid parental leave in addition to our current six to eight weeks of short-term disability leave. This decision aims to help all new parents—whether through birth or adoption—to bond with their children and come back to work refreshed.

This announcement was in addition to many people-focused improvements including the introduction of our Integrated Leadership Development Program (ILDP) and Integrated Management Development Program (IMDP), our RED Teams program designed to help employees make the most of their time at WEX, and many more programs designed to position us for growth in the future.

Conclusion

We are proud of this accomplishment, and hope our growth continues to benefit our community of employees, as well as the local communities in which we work and play.

“Our business is more global, diverse and innovative than ever before, and our capabilities continue to expand and position ourselves to compete in the global marketplace,” said Melissa Smith, President and CEO of WEX in an interview with the Portland Press Herald. “Our performance in both the fourth quarter and fiscal year has provided us with a very solid foundation as we look forward to the company’s continued success.”

Thanks to everyone for a great year in 2016, and we are excited to see what 2017 has to bring us.