Wright Express Further Expands International Presence By Acquiring A Majority Interest In UNIK, A Leading Payroll Card Provider In Brazil
Wright Express Corporation (NYSE: WXS), a leading provider of
value-based business payment processing and information management
solutions, announced today that it has expanded its global presence by
acquiring a 51%...
Wright Express Corporation (NYSE: WXS), a leading provider of value-based business payment processing and information management solutions, announced today that it has expanded its global presence by acquiring a 51% interest in UNIK S.A., a privately-held provider of payroll cards in Brazil for approximately R$44.7 million (approximately US$21.9 million). The agreement also includes the potential to acquire the remaining shares over a three-year period. The investment is expected to be accretive to adjusted net income starting in the first twelve months. UNIK is a leading provider of payroll cards, private label and processing services in Brazil specializing in the retail, government and transportation sectors. UNIK has approximately 8,000 corporate clients with four million cards, which can be used to make purchases through its proprietary network of approximately 30,000 commercial establishments. “Through this transaction, we further expand our global footprint with our entrance into the Brazilian market with UNIK,” said Michael Dubyak, chairman and chief executive officer of Wright Express. “As a large and growing economy, Brazil is a very attractive market. We see significant opportunity in working with UNIK and leveraging its strong management team and growing product set. We are excited about this venture because of the synergies for expanding into the fleet market and extending our payroll card presence through UNIK’s products in Brazil. We look forward to working together to further grow and develop the business.” “We are thrilled to be embarking on this partnership with Wright Express. Given their considerable expertise as a corporate payments solutions provider, Wright Express was the clear partner of choice for us. By combining our strengths and capabilities, we will be well positioned to broaden our offering in this burgeoning and exciting market," said Gustavo Franco, UNIK's chairman, a partner at Rio Bravo Investments and former president of the Central Bank of Brazil.