Wright Express Becomes WEX

In late October Wright Express Corp. changed its name to WEX to reflect the company’s transformation into an international business. The company will continue to be listed on the New York Stock Exchange under the ticker WXS.

Wright Express produces physical, digital, and virtual corporate card payment solutions and fleet cards.

"Today begins a new chapter in our company’s evolution with the launch of our new, international brand, WEX Inc.," said Michael E. Dubyak, Chairman, President & CEO of WEX at the announcement. "The ongoing execution of our growth strategy further enables WEX Inc. to diversify its business and expand our international footprint, while maintaining our focus on expanding our core Americas’ fleet business."

Revenues for the company exceeded $553 million in 2011.

The company was founded in 1895 as a family business called A.R. Wright, which was in the coal and heating oil businesses. In the early 1980s, the company developed the concept of unattended fueling, which prompted the name change (from the A.R. Wright Co. to Wright Express in 1983). The Wright family sold its shares in 1990, and is no longer involved in the business. Seventy-four percent of WEX's business is fleet. The non-fleet business, at 26 percent, comprise payment solutions, mainly in travel or paycard segments.

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