June 18, 2014 8:00 AM, EDT
Wex Inc. to Acquire Health-Care Payment Firm for $532.5 Million
Wex Inc.

Wex Inc. will acquire health-care payment firm Evolution1 for $532.5 million, the fleet payment-processing company said.

Wex said it expects the acquisition to close in the third quarter, but the deal is subject to regulatory approvals and customary closing conditions.

“As a leading provider of technology-based solutions that simplify health-care payments, Evolution1 will enable Wex to address multiple aspects of the health-care payment system, expanding our addressable market while building on our growth in the fleet and travel space,” Wex CEO Melissa Smith said in a statement.

The acquisition is expected to generate about $42 million in present value of tax benefits to Wex.

Evolution1 processed more than 65 million transactions in 2013 and $5 billion in payment volume, according to Wex. The health-care company serves 90,000 employers and 10 million consumers in the United States and Canada.