Fleet One is currently owned by WEX, Inc., a global financial technology service provider.
The Journey to WEX Ownership
The ownership of Fleet One has evolved through a key strategic acquisition in the financial technology sector. Initially, Fleet One was integrated into EFS (Electronic Funds Source LLC), a prominent provider of fleet payment solutions. This integration meant that Fleet One's operations and services became synonymous with EFS's offerings in the transportation payments industry.
The definitive change in ownership occurred in July 2016, when WEX, Inc. officially acquired EFS. This acquisition included all of EFS's assets, technologies, and service lines, thereby bringing Fleet One under the umbrella of WEX, Inc. This strategic move significantly expanded WEX's presence and capabilities in the fleet management and payments market, particularly within the heavy-duty trucking segment in North America.
Understanding WEX, Inc.
WEX, Inc. is a leading financial technology company that delivers innovative payment processing, information management, and business solutions across various industries worldwide. Its comprehensive suite of services includes:
- Fleet Solutions: Offering a wide array of products such as fuel and fleet management cards, telematics, and data analytics tools designed to help businesses manage their vehicle fleets more efficiently.
- Travel and Corporate Solutions: Providing virtual payments, corporate expense management platforms, and travel booking services for businesses globally.
- Health Solutions: Specializing in consumer-directed health benefits administration, including health savings accounts (HSAs) and flexible spending accounts (FSAs).
The integration of EFS, and consequently Fleet One, into WEX's portfolio bolstered its position as a dominant force in fleet payments, leveraging advanced technology and a broad network to serve a diverse client base, from small businesses to large enterprises.
Key Ownership Milestones
The following table summarizes the key entities and events leading to Fleet One's current ownership:
| Entity | Role / Relationship | Acquisition/Ownership Event |
|---|---|---|
| Fleet One | Original entity, services now part of EFS | Integrated into EFS |
| EFS (Electronic Funds Source LLC) | Acquired Fleet One's operations | Acquired by WEX, Inc. |
| WEX, Inc. | Current owner of EFS and, by extension, Fleet One | Acquired EFS in July 2016 |
Under WEX, Inc.'s robust ownership, Fleet One's core offerings continue to provide essential services for fleet operators, ensuring continuity and innovation in fuel and maintenance payment solutions.
