Wex Inc.'s travel and corporate solutions revenue surged 36 percent year over year during the third quarter to $82.8 million. The segment's performance helped revenue jump 18 percent to $382.7 million, marking Wex's ninth straight quarter of double-digit revenue growth. Purchase volume for Wex's travel and corporate solutions segment increased to $9.6 billion, an 11 percent increase over the third quarter of 2017. CEO Melissa Smith attributed the growth primarily to the October 2017 acquisition of payments technology provider AOC Solutions, which brought AOC's clients under the Wex umbrella. Smith said this is the final quarter in which the acquisition will impact revenue growth significantly.
The travel and corporate solutions segment also performed strongly in international markets, particularly Asia and Brazil, where Wex has been expanding its corporate payments business by signing new partners and cross-selling to existing clients.
Last month, Wex announced a $300 million deal to acquire electronic payments network Noventis, which optimizes payments for bills and invoices. That deal is expected to close in the first quarter of 2019.