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WEX Inc. - WEX STOCK NEWS

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WEX Inc. (NYSE: WEX) is a global leader in corporate payment solutions designed to enhance business efficiency, security, and cost control. Founded in 1983 with a focus on fleet card payments, WEX has since diversified its offerings to encompass a wide array of corporate payment solutions, serving millions of cardholders across various sectors, including travel, healthcare, and employee benefits.

The company operates in three main segments: Mobility, Benefits, and Corporate Payments. The Mobility segment, which generates the highest revenue, offers fleet vehicle payment solutions, transaction processing, and information management services for both commercial and government fleets. The Corporate Payments segment provides business-to-business payment processing and transaction monitoring services. The Benefits segment focuses on healthcare payment products and a consumer-directed software platform.

WEX has a significant presence across North and South America, Europe, Australia, New Zealand, and Asia, employing over 2,000 associates. The company is committed to delivering exceptional payment security and control, ensuring that businesses of all sizes can operate efficiently and profitably.

Recent achievements highlight WEX's commitment to innovation and industry leadership. The company has filed a federal lawsuit against HP Inc. and Hewlett-Packard Development Company, L.P. for trademark infringement. This legal action underscores WEX's dedication to protecting its brand and intellectual property rights.

For more detailed information and the latest updates, visit WEX Inc.

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WEX, a global commerce platform, will release its Q2 2024 financial results on July 25, 2024, before the market opens.

CEO Melissa Smith and CFO Jagtar Narula will discuss the results during a conference call at 10:00 AM ET, which will be webcast live on the WEX website. The call can also be accessed via phone with a passcode. A replay will be available online or via phone until August 25, 2024.

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WEX, a global commerce platform, has secured a preliminary injunction against HP Inc. and Hewlett-Packard Development Company, L.P., to stop HP from using the 'WEX' name. HP announced its 'WEX' brand in March 2024, leading WEX to file a federal lawsuit and request an injunction in April 2024. The court ruled in favor of WEX on July 9, 2024, citing overwhelming evidence of trademark infringement by HP. WEX aims to secure a permanent injunction at trial to protect its brand and avoid marketplace confusion.

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WEX has appointed Sara Trickett as Chief Legal Officer and Corporate Secretary, effective June 4, 2024. She will succeed Hilary Rapkin, who is retiring but will remain with the company as an executive advisor until March 2025. Trickett, who has been with WEX since 2021, previously served as Acting General Counsel and Assistant Corporate Secretary. She brings extensive legal experience from her prior roles at Visa and Latham & Watkins. CEO Melissa Smith expressed confidence in Trickett's leadership as WEX continues its strategic goals. Rapkin, who joined WEX in 1996, significantly contributed to the company's growth including its IPO and generating approximately $2.55 billion in revenue for 2023.

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Repay Holdings (NASDAQ: RPAY), a leading integrated payment solutions provider, has been recognized as WEX's Partner of the Year and inducted into the WEX Circle of Excellence at the WEX 2023 Community Awards. This accolade highlights REPAY's innovative approach and collaboration with WEX in providing next-generation payment technology for B2B vendor payments.

REPAY's automated vendor payment platform, which includes virtual card issuance and processing support from WEX, offers simplicity and efficiency, enhancing AP processes while ensuring security against payment fraud. REPAY's EVP, Darin Horrocks, emphasized the importance of this partnership in delivering secure, integrated solutions that drive client growth.

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WEX, a global commerce platform, announced that its Chair and CEO, Melissa Smith, will present at the William Blair Growth Stock Conference on June 4, 2024, at 1:00 PM ET. The presentation will be streamed live on the Investor Relations section of the company's website, with an audio replay available for 90 days.

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WEX has reached an agreement with Shell to manage Shell's portfolio of commercial fleet cards across North America, providing a full range of solutions for commercial customers. This collaboration combines WEX's software and payments expertise with Shell's brand presence to benefit enterprise-level fleet operators and small business fleets. The agreement demonstrates WEX's commitment to simplifying fleet management processes and running businesses efficiently.

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WEX Inc. (NYSE: WEX) will present at upcoming investor conferences. Senior executives will present at the Barclays Emerging Payments and FinTech Forum on May 15 and the JPMorgan Global Technology, Media and Communications Conference on May 21. Webcasts of the presentations will be available on the Company's website.

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WEX Inc. reported a 7% increase in Q1 revenue to a record $653 million, driven by growth in Benefits and Corporate Payments segments. GAAP net income was $1.55 per diluted share, while adjusted net income reached $3.46 per diluted share. The company raised its full-year 2024 financial guidance, showcasing a strong start to the year. Despite negative fuel price impacts, WEX remains confident in its ability to drive growth and innovation through strategic initiatives.
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WEX has signed a new long-term agreement with Booking.com, making WEX the preferred virtual card provider for Booking.com. The agreement highlights WEX's enterprise-grade technology platform, global reach, and deep payments industry expertise, supporting Booking.com's vision to simplify travel-related payments. WEX's partnership with Booking.com dates back to 2013 and has evolved to include processing payments globally, emphasizing the importance of seamless travel experiences through virtual card and cross-currency capabilities.
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WEX announces the general availability of WEX EV At-Home in the United States, a cutting-edge solution that automates reporting and reimbursement for organizations with electric vehicles. Coupled with WEX En Route, businesses can seamlessly integrate mixed fleets of electric and traditionally fueled vehicles, supporting innovation and efficiency. WEX continues to innovate to meet the evolving needs of commercial fleet managers, aiming to close the commercial EV adoption gap.
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FAQ

What does WEX Inc. specialize in?

WEX Inc. specializes in corporate payment solutions, including fleet vehicle payments, business-to-business payment processing, and healthcare payment products.

Which market segments does WEX Inc. operate in?

WEX Inc. operates in three main segments: Mobility, Benefits, and Corporate Payments.

Who are WEX Inc.'s main customers?

WEX Inc.'s customers range from small businesses to large enterprises, spanning sectors such as travel, healthcare, and fleet management.

Where does WEX Inc. have operations?

WEX Inc. has operations in North and South America, Europe, Australia, New Zealand, and Asia.

How many employees does WEX Inc. have?

WEX Inc. employs more than 2,000 associates globally.

What recent legal action has WEX Inc. taken?

WEX Inc. has filed a federal lawsuit against HP Inc. and Hewlett-Packard Development Company, L.P. for trademark infringement.

What is the Mobility segment of WEX Inc.?

The Mobility segment of WEX Inc. provides fleet vehicle payment solutions, transaction processing, and information management services for commercial and government fleets.

What services are offered under the Corporate Payments segment?

The Corporate Payments segment offers business-to-business payment processing and transaction monitoring services.

What does the Benefits segment of WEX Inc. involve?

The Benefits segment involves healthcare payment products and a consumer-directed software platform.

Where can I find more information about WEX Inc.?

You can find more information about WEX Inc. on their official website at www.wexinc.com.

WEX Inc.

NYSE:WEX

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WEX Stock Data

7.67B
41.90M
0.73%
101.26%
1.88%
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