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Financial technology service provider WEX Inc (NYSE: WEX) inked an agreement to acquire configurable, cloud-based benefits administration technologies and services provider, benefitexpress, for $275 million.
benefitexpress expanded WEX's benefits administration offering by adding a complementary suite of solutions. It had been a trusted WEX's Health division partner for several years.
This acquisition will extend WEX's health and employee benefits products and services across employer clients' end-to-end needs.
The arrangement will make WEX a more advanced and wide-ranging technology and services provider to employers, brokers, partners, and fast-track opportunities within the public sector.
WEX expects the acquisition to be adjusted net income neutral for 2021. WEX had recently acquired certain health savings account assets of HealthcareBank.
WEX held cash and equivalents of $852 million as of Dec. 31, 2020.
Price action: WEX shares closed lower by 0.87% at $220.97 on Tuesday.
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