We represented the management team of Electronic Funds Source LLC (EFS) in its sale to WEX Inc. (NYSE: 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 while EFS' solution will diversify WEX's corporate payments product offering. The terms of the transaction were not publicly disclosed.
EFS provides customized corporate payment solutions for fleet and corporate customers with a focus on the large and mid-sized fleet segments. EFS has established a proprietary network of over 14,000 accepting locations in the U.S. and Canada for the over the road (OTR) fleet industry and services a diverse base of more than 17,000 customers.
WEX Inc. (NYSE: WEX) is a leading provider of corporate payment solutions. From its roots in fleet card payments beginning in 1983, WEX has expanded the scope of its business into a multi-channel provider of corporate payment solutions representing 9 million vehicles and offering exceptional payment security and control across a wide spectrum of business sectors.