Heading into to the holiday weekend, Wright Express announced it had acquired a 51% stake in UNIK S.A., a privately held payroll card provider in Brazil. Wright Express has an option to purchase the remaining 49% of the company over the next three years.
Wright Express recently has made several acquisitions with the goal of expanding the company’s revenue sources beyond the United States fleet card market, which has only grown minimally in the last few years. Revenues from fleet payment solutions increased 1% in the second quarter, while revenue from Wright Express’ other payment solutions segment grew 39%, according to Nasdaq.com.
The UNIK acquisition has not only strengthened Wright Express’ global reach but also helped it foray into the Brazilian market, which being a promising economy offers attractive opportunities. Wright Express expects to combine UNIK’s personnel and products to capitalize on the opportunities. The acquisition is expected to augur well for the company and help it set its foot in the fleet market, besides strengthening its payroll card presence.
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