Corporate payments solutions provider WEX has acquired electronic payments firm Noventis, boosting its network and adding complementary payment delivery capabilities.
WEX signed an agreement to buy Noventis, which is primarily engaged in bill payment delivery and commercial invoices, in October last year.
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The companies maintained a long-term alliance, with WEX supplying virtual cards that facilitate payment transactions through Noventis’ network.
WEX expects the acquisition to expand its corporate payments supply business and offer more channels to billing aggregators and financial institutions.
Addition of new payment delivery capabilities will bolster WEX’s existing offerings through enhanced AP payments and optimised electronic payments delivery.
Furthermore, the combination will provide additional payments functionality and flexibility to Noventis’ customers, including financial institutions, bill pay processors and accounts payable software providers.
WEX president of corporate payments Jay Dearborn said: “We are excited to announce the close of this acquisition, which enhances WEX’s extensive corporate payments network and introduces new complementary payment delivery capabilities to our robust set of existing offerings.
“The addition of Noventis expands our reach in a dynamic and growing market and supports our strategy of being a leader in the corporate payments industry.”
WEX provides payment processing and business solutions across multiple sectors such as fleet, travel and healthcare. It caters to more than ten markets with more than 20 currencies.
It expects the deal to allow innovation and delivery of payment solution to its partners and customers.
