WEX acquires eNett and Optal for $1.7bn

Provides significant global geographic diversification while reducing WEX’s exposure to macro-economic fluctuations.

WEX, a financial technology service provider, has acquired eNett, a leading provider of B2B payments solutions to the travel industry and Optal, a company that specializes in optimizing B2B transactions, for a total consideration of approximately $1.7 billion.

WEX is acquiring eNett from Travelport and its owners, affiliates of Siris Capital Group and Elliot Management Corporation's private equity affiliate, Evergreen Coast Capital Corp. The two companies will be fully integrated under WEX’s ownership.

“In particular, this transaction strengthens our position outside of the US, adds a unique but complementary product suite, and brings a talented team with expertise in operating in international markets. We are confident this transaction will enable us to accelerate our growth by deepening and expanding our position in the global travel market,” said Melissa Smith, WEX’s Chair and CEO.

Since 2016, eNett and Optal have grown purchase volume at a compounded rate of 36% on a combined basis, which will further strengthen WEX’s travel growth engine. We anticipate the combined business will grow revenue at the long term segment targets of 10%-15% communicated at our investor day.