WEX completes $275M acquisition of Illinois-based benefits company
Portland-based financial technology services company WEX (NYSE: WEX) on Tuesday said it has completed its $275 million purchase of benefitexpress, which provides cloud-based benefits administration technologies and services.
WEX entered the deal in April, saying it would significantly expand the company’s offerings in benefits administration. With the acquisition, WEX will be able to offer additional tools for benefit enrollment, decision support, Affordable Care Act compliance and more.
"We are excited to welcome the benefitexpress team to the WEX family and look forward to delivering increased value to employers, consumers and partners through a comprehensive and integrated suite of products, services and technologies," said the president of WEX’s Health division, Robert Deshaies, in an April press release.
Based in Schaumburg, Ill., benefitexpress employs about 300 people.
WEX expects the acquisition to be neutral to adjusted net income in fiscal year 2021.
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