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LONDON, UK / ACCESSWIRE / June 16, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for WEX Inc. (NYSE: WEX). The Company and GasBuddy announced on June 14, 2017, that the companies have come to an agreement to form a strategic partnership. This partnership will focus on the retail gasoline market for the consumers. The progress of this partnership towards consumer payment solutions will be announced later this year. For immediate access to our complimentary reports, including today's coverage, register for free now at:
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About the Partnership
The partnership will pay heed upon innovations that bring the use of both WEX and GasBuddy's collective technology, infrastructure, data, and consumer reach to develop large-scale solutions and cost savings to the more than 200 million drivers in the United States that fill up at retail gasoline stations. WEX plans to explore new dimensions of convenience and value to the gasoline marketplace.
The Company offers two cards for the small business user segment. The WEX Fleet card enables the drivers to choose the lowest priced station from the Company's massive database, while the WEX FlexCard enables payments on a balance, and with easy identification and tracking, it can be easily deactivated as per the owner's feasibility.
GasBuddy's app brings together drivers with their Perfect fuel stop. The company is a leader in providing information which would help drivers in finding the best gas prices, closest stations, friendliest service, and cleanest restrooms. GasBuddy provides real-time fuel prices at more than 140,000 gas stations in the US, Canada, and Australia. They have a huge audience which can be added to WEX's base.
WEX has Fleet Cards which are accepted at over 90% of all retail fuel locations, plus an additional 45,000 maintenance locations which GasBuddy can target. GasBuddy currently delivers B2B Retailer Software-as-a-Service (SaaS) which provide Fuel Marketers and Retailers their best opportunity to maintain their station information, manage their brand, and promote to their target consumer audience. With WEX, it would be able to expand its offering to the business to business to consumer (B2B2C) space.
The Complementary Ventures
WEX's technology, data, and access to fuel retail sites in the US paired with GasBuddy's extensive user base are complementary offerings and will enable both Companies to expand in their respective segments.WEX expects to work further with GasBuddy to deliver unique payments solutions to the market and modify this partnership in an attempt to elevate strategic expansion into adjacent markets.
WEX helps customer gain better insight into what they are spending and how to save more. It presents easy-to-read reports of customer's fueling activity whereas GasBuddy helps customers locate fueling stations. They both can bring together an innovative idea for customers and also for the Gasoline industry. WEX and GasBuddy share a common vision to bring convenience and savings to consumers in the Gasoline market.
Company Growth Prospects
GasBuddy is probably the industry's standard for consumer pricing data with more than 300 million endpoints using its crowdsourced gasoline price data and two million daily price submissions. GasBuddy is uniquely positioned to help add convenience and value to the customer who is constantly searching for the perfect fuel station. Working towards new solutions with WEX, it holds the potential to be the clear leader in the fuel payment infrastructure.
WEX has been executing a definite, omni-channel solution based, strategy. The Company plans to deliver multiple payment solutions and eventually, reach more than 10 million operational drivers where it offers exceptional payment security and control across a broad spectrum of business sectors.
On May 16, 2017, the Company announced that it signed two agreements with Chevron International Pte Ltd, pursuant to which WEX was selected to develop, support, and manage a fuel card processing platform for Chevron in 5 nations, namely: Singapore, Hong Kong, Malaysia, Thailand, and Philippines. This deal signified the expansion of WEX into three new geographical segments of Malaysia, Thailand, and the Philippines.
Last Close Stock Review
On Thursday, June 15, 2017, the stock closed the trading session at $106.05, slipping 1.70% from its previous closing price of $107.88. A total volume of 789.41 thousand shares have exchanged hands, which was higher than the 3-month average volume of 409.90 thousand shares. WEX Inc.'s stock price surged 5.09% in the last one month and 16.76% in the previous twelve months. The stock is trading at a PE ratio of 66.45. At Thursday's closing price, the stock's net capitalization stands at $4.55 billion.
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SOURCE: Pro-Trader Daily