According to the company, the new name reflects its transformation and growth strategies, which are focused on physical, digital, and virtual corporate card payment solutions for businesses internationally.
WEX Inc. will continue to be listed on the New York Stock Exchange under the ticker WXS.
Since its beginnings as a fleet card provider in 1983, through a successful initial public offering in 2005, WEX Inc. has grown to become an international company with 2011 revenues of approximately $553 million, according to the company.
WEX now provides its more than 350,000 customers ― representing more than 6.5 million cardholders ― with payment security and control across a wide spectrum of business sectors. Its operations include WEX Bank, Fleet One, Pacific Pride, rapid! PayCard, Wright Express Prepaid Cards Australia, Wright Express Fuel Cards Australia, Wright Express New Zealand and CorporatePay Limited, England, as well as a majority equity position in UNIK S.A., Brazil.
WEX and its subsidiaries employ more than 1,300 associates.
Contributed by Automotive Fleet, a publication of Bobit Business Media.