Tuesday 28th January, 2020
Optal has announced that it has entered into a definitive agreement to be acquired by WEX Inc, a leading financial technology service provider for approximately US $1.7 billion.
The agreement also includes the acquisition of eNett International a provider of B2B payment solutions to the travel industry. Currently, Optal is a shareholder of eNett alongside Travelport, the majority shareholder.
Optal brings a global issuing capability an extensive suite of regulatory licenses and a robust technology and banking infrastructure to facilitate expansion into new regulated territories.
“We couldn’t be more excited to welcome Optal and eNett to WEX,” said Melissa Smith, WEX CEO and Chair. “We have a deep respect for these companies. The combination of our unique and complementary product suite, talented employees, and international expertise creates a powerhouse in the global travel industry.”
The transaction is subject to regulatory approval and other customary closing conditions and is expected to be completed mid-year 2020.
In March 2017 Optal purchased Invapay.