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Australia,United States : WEX to take over EVOLUTION1, worth $532.5 Million

June 19, 2014

As per the report, Wex Inc., stated that it would take over health-care payment firm Evolution1 for, worth $532.5 million, declared by the fleet payment-processing firm.

By 3Q, the attainment might close, but the contract is subject to regulatory approvals and customary closing conditions, as anticipated by Wex.

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.

Further, in present value of tax benefits to Wex., approx. $42 million is anticipated by the acquisition to give out.

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Source: TendersInfo (India)

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