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|WEX Inc. and GasBuddy Form Strategic Alliance|
Companies Partner with Vision to Bring Added Convenience and Savings to the Consumer Gasoline Market
The partnership will focus on innovations that bring added convenience
and savings to the more than 200 million driving consumers in
“WEX is keen to develop new opportunities that leverage our massive
advantage in infrastructure and payments expertise to open new markets,”
Evolving From B2B to B2B2C
From its roots in fleet card payments beginning in 1983, WEX has expanded the scope of its business into a multi-channel provider of corporate payment solutions – including Travel and Healthcare - representing approximately 10 million vehicles in the fleet space and offering exceptional payment security and control across a wide spectrum of business sectors. By comparison, with a smartphone app that has been downloaded by consumers more than 65 million times, GasBuddy has become the industry standard for consumer pricing data, with more than 300 million endpoints (e.g. Waze, Google Maps, in-dashboard GPS) using its crowdsourced gasoline price data.
Under the terms of the partnership, the companies will explore strategic uses of their collective technology, infrastructure, data, intellectual property and consumer reach to develop large-scale solutions that deliver new levels of convenience and cost savings to the driving public.
“Our technology, data and access to fuel retail sites in the U.S. paired
with GasBuddy’s extensive user base makes this a powerful partnership,”
“With more than 65 million lifetime downloads of the GasBuddy smartphone
app, we are uniquely positioned to drive added convenience and value to
the consumer who is constantly striving for the perfect pit stop,” said
An announcement on the progress of the partnership toward consumer-facing payments solutions is expected later this year.
|"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding WEX Inc.'s business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.|