Genstar Capital Signs Agreement To Sell Evolution1 To WEX For $532.5 Mln

(RTTNews) - Genstar Capital announced that it has signed a definitive agreement to sell Evolution1 to WEX Inc. (WEX) for $532.5 million.

Commenting on Evolution1, the company said it is an industry leader in consumer directed health or CDH payments and technology. It provides innovative software, payment and mobile solutions that administer and manage consumer directed healthcare accounts.

The company's administrative software solutions, driven by patented technology, allow more than 10 million consumers to spend electronically through prepaid funds in CDH accounts such as Health Spending Accounts or HSAs, Flexible Spending Accounts FSAs, Defined Contribution, and more.

WEX represents more than 7.8 million cardholders and offers exceptional payment security and control across a wide spectrum of business sectors, the company noted.

The pending sale of Evolution1 follows the successful realizations this year from Genstar's software investment platform of TravelClick, a global provider of innovative cloud-based software solutions to the hospitality industry, for $930 million and ConvergeOne, a leading independent provider of innovative communications solutions and managed services to enterprises globally.

The transaction is expected to be completed in the third quarter and is subject to customary regulatory approvals.