The deal is currently awaiting regulatory approval but is expected to close in Q4 of 2015. WEX expects the purchase to be slightly accretive in 2016, according to a press release.
Benaissance has had an ongoing relationship with Evolution1, a WEX company, for some time.
“Benaissance and Evolution1 share a decade long partnership,” said John Jenkins, President, CEO, and co-founder of Benaissance. “Joining the WEX family seems like a second home. We couldn’t be more excited about the fit for our Omaha employees and customers across the country.”
Evolution1 has offices across the Midwest, and both companies have many of the same markets and customers.
“Many of us see the team at Evolution1 as family,” said Carrie Messinger, Director of Corporate Communications at Benaissance.
According to Benaissance, their office will remain in Omaha, and there are no plans to cut staff or reorganize.
SPN recently covered Benaissance in June 2015, “How Benaissance successfully navigated Obamacare.”
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