Riddle me this. Can you guess the name of this company?
Clue One: The company is based in South Portland, Maine.
Clue Two: The company offers two paid days off so all employees could take time for volunteering, and a 20-day long sabbatical program so people who’ve been at the company at least six years can “go experience the world.”
Clue Three: The name of the company is the same as its ticker symbol, the three- to four-letter code that identifies the stock of any publicly traded company in the U.S. This particular company went public in 2005.
Clue Four: The company currently has offices in the U.S., Brazil, Europe and Australia.
Clue Five: It’s a $1 billion company.
Those of you who’re familiar with the Mainer business landscape will know that there are few companies in the State that have collected that revenue, notably L.L.Bean, IDEXX and Hannaford. But the company we’re profiling has a shorter name, the right size for its ticker symbol on the New York Stock Exchange: Wex.
Founded in Maine in 1983, the company provides payment processing services. Specifically, the company provides payment services across three segments. The first one is the Fleet Solutions, which are meant for the needs of commercial and government fleets and count for 63 percent of the company total revenue. Secondly, Wex provides Travel and Corporate Solutions for business-to-business payments. Last but not least, Health and Employee Benefit Solutions are meant to “streamline benefit account administration, consumer engagement, and the financial management required for informed healthcare decision making,” according to the WEX website.
After the initial public offering in 2005, the company grew over the years thanks to a number of acquisitions, including Benaissance, a provider of technology for healthcare premium billing.
“While we are proud of our 2016 accomplishments, fostering growth and innovation in the years to come is our main priority,” CEO and President Melissa Smith wrote in the latest annual report. “We are investing in the future by funding strategic investments, while remaining focused on operational efficiency. We are building upon our momentum in the marketplace and will continue to attract new business partners, expand existing relationships, scale our business overseas, and enhance our capabilities and product offerings.”