Wex Strengths, Domain Expertise, and Key Differentiators
WEX is a global commerce platform that helps businesses solve for operational complexities like employee benefits, managing and mobilizing fleets, and streamlining business payments. Its Benefits segment simplifies the business of administering and managing employee benefit plans. Wex provide SaaS software with embedded payment solutions and plan administration services for consumer-directed health benefits, COBRA accounts, and benefit enrollment and administration. In addition, WEX Inc. and WEX Bank provide custodial and depository services, respectively, with respect to HSAs.
WEX Health introduced new features and functionality to its WEX Health Cloud platform through its October 2018 Release.
The updates reflect WEX Health’s continued focus to engage, grow, and simplify the healthcare benefits administration process for consumers, employers, and its network of partners. This release reflects the commitment to enabling partners to further engage with employers and consumers to help them make better decisions about their healthcare benefits.
Wex Recent Developments
In August 2020 WEX introduced its new artificial intelligence (AI)-driven chatbot designed to enhance the personalized benefits account experience delivered by its Health division to 390,000 employers and more than 32 million consumers across the United States.
Let’s Chat is a secure, AI-driven chatbot and serves as a virtual assistant for benefits plan participants that quickly answers questions associated with their benefit accounts 24 hours a day, seven days a week. Using Let’s Chat, participants enter natural language questions or phrases and get back contextual responses specific to their accounts. Examples of tasks Let’s Chat helps participants complete include: checking balances, submitting receipts, understanding claim denials, and reporting lost or stolen cards. By quickly answering questions and assisting with common tasks, participants enjoy greater satisfaction with their benefit plans, and benefits administrators’ customer service teams are freed to focus on more complex customer service requests. Alongside the Health division’s powerful analytics capabilities, Let’s Chat is another innovative technology solution offered to partners.
The June 2018 release introduces the WEX Health Cloud COBRA & Direct Billing Mobile App, which provides consumers ease of use and quick accessibility to several convenient WEX Health COBRA & Direct Billing features, including online registration and election, credit/debit card payments, recurring ACH, and one-time checking/savings payments.
Wex Mergers and acquisitions (M&A) Activities
During the third quarter of 2023, Wex acquired a collection of entities from Ascensus, LLC that provide employee health benefit accounts. The technology of these acquired entities is believed to complement Wex's existing capabilities, while also expanding its scale in the Benefits sector and enhancing its product offerings with Affordable Care Act compliance and dependent verification capabilities. During the fourth quarter of 2023, Wex acquired Payzer, a leading cloud-native field service management software provider. Payzer is expected to enhance Wex's relationships with vertical customers in the Mobility segment, enabling the company to integrate its payment capabilities with software solutions that deliver lasting value to its customer base. Payzer's high-growth service offerings and comprehensive feature set, which includes end-to-end business management software and diverse payment solutions, lie at the intersection of Software as a Service (SaaS) and payment technologies.
In June 2021, Wex acquired benefitexpress, a provider of highly configurable, cloud-based benefits administration technologies and services.
Wex Customers in ARTW Customer Database
Leveraging a rigorous data-centric research methodology, APPS RUN THE WORLD asks the simple question: Who’s buying Wex applications and why? And we provide the answers – supported by decades of research – to our clients around the world. Our Customer database has over 100 data fields that detail company usage of Wex and other enterprise apps by function, customer size, industry, location, implementation status, partner involvement, Line of Business Key Stakeholders and IT decision makers contact details. List of Verified WEX Health Cloud, customers.
Wex Overview
Ownership: - NYSE : WEX
Number of Employees: 7200
Functional Market: Benefits Administration,
Key Verticals: Consumer Packaged Goods, Distribution, K12, Federal Government, State and Local Government, Public Safety, Healthcare, Manufacturing, Media, Oil and Gas, Chemicals, Professional Services, Retail, Transportation, Utilities,
Wex Key Cloud and HCM Applications
WEX Health Cloud,
Wex HCM and Cloud HCM Applications Revenues, $M:
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Total Revenues, $M | Subscribe | Subscribe | Subscribe |
HCM Applications Revenues, $M | Subscribe | Subscribe | Subscribe |
* HCM Applications Revenues = License + Support & Maintenance + SaaS ( Hardware and Prof. Services are Excluded )
** All revenue figures are estimates based on public records, Cloud and Non-Cloud business models in Apps Run The World's vendor database, and annual survey results including vendor feedback.
Wex Revenue Breakdown by Type:
Wex HCM Applications Revenues By Sub-Functional Markets, $M:
Split by Sub-Functional Markets | % of HCM Revenue in the HR Segment | 2023 HCM Revenues, By HR Segment, $M | |
Wex HCM Applications Revenues By Verticals, $M:
Wex Total and HCM Applications Revenues by Region:
Region | % of Total Revenues | 2023 Total Revenues, $M | 2023 HCM Applications Revenues, $M |
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Americas | Subscribe | Subscribe | Subscribe |
EMEA | Subscribe | Subscribe | Subscribe |
APAC | Subscribe | Subscribe | Subscribe |
Total | Subscribe | Subscribe | Subscribe |
Wex Direct vs Indirect sales
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Type % | Subscribe | Subscribe | Subscribe |
Revenues, $M | Subscribe | Subscribe | Subscribe |
Wex Customers - Breakdown by Geo, Size, Vertical and Product
List of Verified Wex Customers
No. of Wex Customers: 600000
No. of Wex HCM Applications Customers: 0
No. of Wex Cloud HCM Customers: x
No. of Wex Cloud HCM Subscribers: x
WEX has more than 600,000 mobility customers worldwide. Wex had an average of approximately 19.9 million SaaS accounts on its Benefits platform during the year ended December 31, 2023.
Among its customers are AdminExcel, Benefit Strategies, Progressive Benefit Solutions, eflexgroup, Surency Life&Health, Chappelle Consulting Group, Benemax, and Jaeger&Flynn Associates.
Wex Market Opportunities, M&A and Geo Expansions
WEX Health has features that are focusing on engagement, account growth, and efficiency, are reflected in the customization capabilities designed to help WEX Health partners further drive consumer engagement. Advanced messaging options in the Consumer Portal enable partners and consumers to create customized experiences and help consumers take control of their financial health.
The Healthcare Savings Goal meter, a new engagement tool for consumers, helps them personalize their healthcare savings account goal and track it against contributions. Combined with a customizable investment education page that allows partners to provide their own text, videos, and documents, consumers can educate themselves on the benefits of investing health savings account (HSA) dollars.
Wex Risks and Challenges
COVID-19 has negatively impacted the business and consumer spending habits which resulted in declined revenues.
Wex Ecosystem, Partners, Resellers and SI
Wex distribute its software and payment solutions through a variety of partners, such as third-party administrators, financial institutions, payroll providers, and health plans. These partners use our software and payment solutions in their administration of employee benefit plans for their employer clients.
Wex Cloud Platform (PaaS) and Infrastructure (IaaS) Details
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- Wex Public Cloud and Infrastructure (IaaS)
- Wex Platform (PaaS)
- Wex Application Delivery
- Wex Private Cloud and Data Centers
Research Methodology
Data used in research reports are derived from publicly available documents, continuous surveys of applications vendors, customers, resellers, Independent Software Vendors, systems integrators and other verifiable sources.
Vendor shares and market forecast results are based on a combination of existing databases as well as demand side and supply side research conducted throughout the year with validation from vendors, customers, channel partners and documentations such as earnings releases and 10Q and 10K filings, vertical industry studies, regional and country-level statistics from public and private institutions(i.e. colleges, universities, government agencies and trade associations).
For additional information on our methodologies, here's the link:
https://www.appsruntheworld.com/taxonomy
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