WEX Completes Acquisition of Electronic Funds Source

WEX Completes Acquisition of Electronic Funds Source

News

WEX Inc., a leading provider of corporate payment solutions, completed its previously announced acquisition of Electronic Funds Source LLC (EFS), a provider of customized corporate payment solutions for fleet and corporate customers with a focus on the large and mid-sized over-the-road (OTR) fleet segments. EFS is now a wholly-owned subsidiary of WEX.

EFS' customer orientation and product portfolio aligns well with WEX. The acquisition will enable the combined company to expand its presence in the large and mid-sized OTR fleet segment while better serving the needs of all fleets. EFS' technology will enhance WEX's platform by expanding functionality in controls, permitting, fuel price analytics and mobile account maintenance. In addition, EFS provides current WEX customers with expanded Canadian acceptance.

The WilmerHale team on the deal was led by Partner Mark Borden and included Partners Michael Bevilacqua, Scott Kilgore, Julie Hogan Rodgers, John Sigel, Justin Ochs, Jonathan Wolfman and Jeff Stein; Special Counsel Jamie Class; Counsel Ciara Baker and Michael Blayney; and Senior Associates Mark Nylen and Lina Jun.

Read WEX's press release for more information.