Subsequent Events

6 Months Ended

Jun. 30, 2023

Subsequent Events [Abstract]

Subsequent Events

20. Subsequent Events

On July 1, 2023, WEX Health signed a definitive agreement to acquire certain entities collectively referred to as Ascensus Health & Benefits, a line of business of Ascensus, which is a leading technology-enabled provider of employee health benefit accounts with a diversified portfolio of accounts including HSAs, FSAs, and others. The Company expects this acquisition to expand WEX’s current footprint in the Benefits segment, while also enhancing and expanding Affordable Care Act compliance and verification capabilities. Pursuant to the terms of the agreement, total consideration for the acquisition is expected to be approximately $180 million, subject to certain standard working capital and other adjustments. We expect the transaction to close before year end, subject to regulatory approvals and other closing conditions.