PORTLAND, Maine - WEX Inc. (NYSE:WEX), a leading global commerce platform, announced today its extended agreement with Shell (LON:SHEL) to manage the oil giant's commercial fleet card portfolio in North America. This renewed partnership, building on the initial alliance from 2018, will provide commercial customers with a suite of card offerings aimed at modernizing fleet management across the United States, Canada, and Mexico.
The collaboration leverages WEX's technological prowess in fleet mobility and payment solutions with Shell's extensive brand presence to deliver operational benefits to both large enterprise fleet operators and smaller businesses. WEX's Chair, CEO, and President Melissa Smith highlighted the company's commitment to simplifying complex business processes through its global commerce platform.
WEX services over 19.4 million commercial vehicles worldwide and supports more than 600,000 businesses within its Mobility segment. The company's offerings, including the Shell Fleet Navigator® Card, Shell Fleet Plus Card, and the Shell Small Business Card, provide businesses with enhanced control and security over fleet management and expenses. Additionally, the Shell Fleet Navigator Card is set to introduce electric vehicle payment solutions for on-the-go and home charging in the U.S., reflecting the evolving needs of fleets.
Both WEX and Shell have been recognized by Forbes as among the Best Fleet Fuel Card Providers. This endorsement underscores their shared focus on delivering value through innovative fleet solutions.
This announcement is based on a press release statement and contains forward-looking statements regarding future operations and business opportunities. WEX has cautioned that these statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. The information provided does not reflect an endorsement of claims but rather presents the ongoing business strategy of WEX and its partnership with Shell.
InvestingPro Insights
As WEX Inc. (NYSE:WEX) fortifies its relationship with Shell, investors may find it pertinent to review the company's financial health and market performance. WEX's market capitalization currently stands at $8.77 billion, reflecting its significant presence in the global commerce platform sector. The company's P/E ratio has adjusted to 26.91 from the last twelve months as of Q1 2024, indicating a potential undervaluation relative to its near-term earnings growth, as suggested by one of the InvestingPro Tips.
Another InvestingPro Tip points out that WEX's stock price has experienced considerable volatility, with a 12.6% drop over the last month, yet it still maintains a 19.24% one-year price total return, showing resilience over a longer period. The company's revenue growth has been steady, with a 5.87% increase in the last twelve months as of Q1 2024.
For investors seeking to delve deeper into WEX's financial metrics and gain additional insights, there are 9 more InvestingPro Tips available at InvestingPro. To enhance your investing strategy, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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