WEX adds to government portfolio with Minnesota fleet-card agreement

File photo / Courtesy WEX WEX Inc. is a global financial technology service provider headquartered in Portland.

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WEX Inc. (NYSE: WEX), a Portland-based financial technology service provider, has entered into a state-wide fleet card contract with Minnesota's state government, the company announced on Wednesday.

Under the agreement, WEX will provide Minnesota state agencies and other eligible local government entities with payment tools, reporting and analytics to support their purchases of fuel and electric vehicle charging services as well as other fleet-related expenses.

WEX will provide those services through NASPO ValuePoint, the cooperative purchasing arm of the National Association of State Procurement Officials, similar to recently signed procurement contracts with NASPO participants in the states of Washington, Oregon, Colorado, Wisconsin, Arizona and Connecticut.

With the latest agreement, WEX said it now has 34 state government contracts and around 1.2 million cards issued to state, federal and local government entities.

“We believe WEX’s tools, support and expertise in the public sector are best-in-class,” said Bernie Kavanagh, senior vice president and general manager of large-fleet business, in Wednesday's news release. “We take our responsibility to meet the unique needs of government fleets very seriously, and that has been borne out with our recent wins.”

WEX, led by Chair and CEO Melissa Smith, has offices in 14 countries and 5,400 employees worldwide.

In July, the company posted second-quarter revenue that beat market expectations and, in a sign of growing confidence about the business, restarted issuing financial projections,

WEX said at that time that it expects full-year revenue in the range of $1.805 billion to $1.835 billion and adjusted net income in the range of $377 million to $395 million, or $8.30 to $8.70 per diluted share.

Last month, WEX announced plans to buy back shares of its stock for another four years, extending a share repurchase program launched in 2017 and that had been due to expire at the end of September.

WEX shares have a market value of around $7.69 billion, based on Wednesday's closing share price of $171.57 on the New York Stock Exchange.