Commercial payments technology firm WEX has completed its takeover of corporate bill payments company Noventis, a press release announced Thursday (Jan. 24).
In its announcement, WEX said it is “excited” to close the dealt that will enable the company to enhance its existing corporate payments network and infrastructure. WEX President of Corporate Payments Jay Dearborn added that Noventis' offerings compliment WEX's existing suite of corporate payments solutions.
The companies first announced in October that they reached an acquisition deal. The firms had an existing partnership in place that saw Noventis deploying WEX technology to provide virtual cards that can be used to pay bills issued via Noventis.
WEX and Noventis did not disclose financial details of the takeover.
At the time, Dearborn called the takeover “an important element in expanding WEX's corporate payments business.”
“This acquisition will complement WEX’s current offerings with new payment delivery capabilities that enhance AP payments and provide seamless delivery of electronic payments,” he said. “We are excited to build upon Noventis’ offerings in the United States, which will position us to innovate and provide solutions to our partners and customers.”
Earlier this year WEX announced another deal to acquire Discovery Benefits (DBI), an employee benefits administrator that will enable WEX to enhance its existing health payments division. Like Noventis, DBI is a longtime partner of WEX and uses WEX's existing healthcare technology platform to manage consumer accounts.
WEX CEO Melissa Smith said earlier this month that the takeover “enhances WEX's position as a leading technology platform in the healthcare space and aligns with our longer-term strategy to further reduce exposure to macroeconomic forces.”
The companies said they expect to close the takeover during the year's first quarter, subject to regulatory approval.