Tuesday, October 20, 2015

Electronic Funds Source Acquired By WEX For $1.4 Billion

Ogden, Utah-based Electronic Funds Source, a provider of corporate payments software and services aimed at fleets, has been acquired by South Portland, Maine-based WEX. WEX said it is paying approximately $1.4 billion in cash and stock, split between $1.1M in cash and 4.0 million shares of its common stock ffor Electronics Funds Source. WEX is a provider of corporate payment products. EFS is majoarity owned by private equity investor Warburg Pincus. The two did not say how the acquisition will affect operations in Ogden for EFS.