- Associated Press - Tuesday, June 17, 2014

SOUTH PORTLAND, Maine (AP) - A South Portland, Maine-based corporate payment systems firm, WEX Inc., will acquire health care technology company Evolution1 for $532.5 million.

The Portland Press Herald (http://bit.ly/1jvDKW1 ) reports WEX and the North Dakota-based company announced the deal Monday. WEX officials say the acquisition will advance the firm’s move into the health care industry and help diversify its business.

WEX acquired the FleetOne fuel card company for $369 million last year and also recently paid $27.5 million for CorporatePay, a London-based provider of corporate prepaid cards for the travel industry.

WEX and its subsidiaries employ more than 1,400 people. The company reported first quarter revenue of $182.1 million in April.

Evolution1 employs 300 people at its Fargo headquarters. The company processed $5 billion in payment volume in 2013.

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Information from: Portland Press Herald, http://www.pressherald.com

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