Transaction will add new product and channel capabilities to accounts payable offerings within WEX’s Corporate Payments business
SOUTH PORTLAND, Maine–(BUSINESS WIRE)– WEX Inc., a leading provider of corporate payments solutions, today announced the signing of an agreement to acquire Noventis, an electronic payments network focused on optimizing payment delivery for bills and invoices to commercial entities.
WEX has a longstanding relationship with Noventis as a critical supplier of virtual cards that enable payment transactions through Noventis’ network. This acquisition will expand WEX’s reach as a corporate payments supplier and provide more channels to billing aggregators and financial institutions.
The combined offering will provide a path to additional payments functionality and flexibility to Noventis’ customers, including financial institutions, bill pay processors and accounts payable (AP) software providers. The transaction is expected to close in the first half of 2019 following customary regulatory approvals.
“The purchase of Noventis is an important element in expanding WEX’s corporate payments business. This acquisition will complement WEX’s current offerings with new payment delivery capabilities that enhance AP payments and provide seamless delivery of electronic payments,” said Jay Dearborn, WEX’s president of corporate payments. “We are excited to build upon Noventis’ offerings in the United States, which will position us to innovate and provide solutions to our partners and customers.”
WilmerHale LLP and Sidley Austin LLP provided legal counsel to WEX. Raymond James acted as financial advisor to Noventis while Akin Gump Strauss Hauer & Feld LLP and Schulte Roth & Zabel LLP provided legal counsel.