Benzinga | Apr 14, 2021 07:40AM EDT

WEX Acquires benefitexpress For $275M

* Financial technology service provider WEX Inc (NYSE: WEX) inked an agreement to acquire configurable, cloud-based benefits administration technologies and services provider, benefitexpress, for $275 million.

* benefitexpress expanded WEX's benefits administration offering by adding a complementary suite of solutions. It had been a trusted WEX's Health division partner for several years.

* This acquisition will extend WEX's health and employee benefits products and services across employer clients' end-to-end needs.

* The arrangement will make WEX a more advanced and wide-ranging technology and services provider to employers, brokers, partners, and fast-track opportunities within the public sector.

* WEX expects the acquisition to be adjusted net income neutral for 2021. WEX had recently acquired certain health savings account assets of HealthcareBank.

* WEX held cash and equivalents of $852 million as of Dec. 31, 2020.

* Price action: WEX shares closed lower by 0.87% at $220.97 on Tuesday.