WEX, a corporate payments company, has closed its acquisition of Evolution1, a Fargo-based firm that produces software to manage health care transactions.
The $532 million all-cash deal was announced last month.
"The addition of Evolution1 enhances WEX's health care expertise and enables us to expand our addressable market," says Melissa Smith, WEX's president and chief executive, in a July 16 press release.
WEX has also signed a definitive purchase and sale agreement for the Esso Card program it is acquiring from ExxonMobil through the WEX Europe Services Ltd. joint venture. The transaction is on track to be completed in late 2014 or early 2015, WEX says in a July 17 release.
WEX is based in South Portland, Me., and specializes in corporate fleet cards and prepaid technology.