WEX, a leading financial technology service provider, announced that it has completed the acquisition of benefitexpress, a leading provider of highly configurable, cloud-based benefits administration technologies and services. WEX previously announced its entry into a definitive agreement to acquire benefitexpress on April 14, 2021. WEX expects the acquisition to be neutral to Adjusted Net I***** in fiscal year 2021.
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Forward-Looking Statement Disclaimer
This press release contains forward-looking statements intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995, including statements regarding: the expected strategic, operational, and financial benefits of this transaction, including with respect to the anticipated effect of this transaction on WEX’s Adjusted Net I*****. Any statements that are not statements of historical facts may be deemed to be forward-looking statements. When used in this press release, the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “project” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such words. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially, including: the extent to which the coronavirus (COVID-19) pandemic and measures taken in response thereto adversely impact WEX’s business, results of operations and financial condition in excess of current expectations; the effects of its business expansion and acquisition efforts; potential adverse changes to business or employee relationships, including those resulting from the completion of an acquisition, including this acquisition; competitive responses to this acquisition; uncertainty of the expected financial performance of the combined operations following completion of this acquisition; the failure to successfully integrate this acquisition; the ability to realize anticipated synergies and cost savings; unexpected costs, charges or expenses resulting from this acquisition; the failure of corporate investments to result in anticipated strategic value; the impact and size of credit losses; breaches of its technology systems or those of its third-party service providers and any resulting negative impact on its reputation, liabilities or relationships with customers or merchants; its failure to maintain or renew key commercial agreements; failure to expand its technological capabilities and service offerings as rapidly as its competitors; failure to successfully implement its information technology strategies and capabilities in connection with its technology outsourcing and insourcing arrangements and any resulting cost associated with that failure; the impact of increased leverage on its operations, results or borrowing capacity generally, and as a result of acquisitions specifically; as well as other risks and uncertainties identified in Item 1A of its Annual Report for the year ended December 31, 2020, filed on Form 10-K with the Securities and Exchange Commission on March 1, 2021. WEX’s forward-looking statements do not reflect the potential future impact of any alliance, merger, acquisition, disposition or stock repurchases, other than the acquisition described above. The forward-looking statements speak only as of the date of this press release and undue reliance should not be placed on these statements. WEX disclaims any o********* to update any forward-looking statements as a result of new information, future events or otherwise.
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