US-based payment technology firm WEX has closed the acquisition of Electronic Funds Source (EFS), a provider of corporate payments solutions, for about $1.1bn in cash and four million shares of common stock.
EFS will now operate as a wholly-owned subsidiary of WEX.
The deal will enable the combined entity to expand its presence in the large and mid-sized OTR fleet segment.
EFS’ technology will enhance WEX’s platform, while adding important functionality in controls, permitting, fuel price analytics, mobile account maintenance and strong acceptance in Canada.
In addition, WEX customers will benefit from the combined company’s payments product offerings such as addition of a variety of corporate card options, including a single, multi-purpose card.
WEX president and CEO Melissa Smith said: "We are very excited to announce the completion of this acquisition, which we believe brings together two great companies with a portfolio of best-in-class offerings and a complementary footprint.
"We look forward to commencing the integration of EFS into WEX’s global network, combining our strengths to improve the functionality and service we provide to over-the-road customers and mixed fleets in North America while driving further scale across the organization."