Fargo-based tech company soldPublished 1:30pm Tuesday, June 17, 2014
FARGO – Evolution1, a cloud-based technology and payment solutions company with headquarters here is being bought by WEX Inc. for $532.5 million.
All of the more than 130 employees in Fargo will remain employed, said Todd Reynolds, chief technology officer. Evolution1, with 300 total employees, also will retain its offices in Minneapolis, Hartford, Conn., and St. Louis.
WEX, with headquarters in South Portland, Maine, is described as a leading provider of corporate payment solutions. It has an additional 10 offices and employs 1,400 associates.
Evolution1 was founded in 2011 through a merger of Evolution Benefits Inc. and Lighthouse1 LLC. It administers reimbursement accounts, such as health savings accounts and flexible spending accounts, and with its network of partner organizations serves 90,000 employers nationwide. Its products and services are expected to remain unchanged.
The deal is subject to regulatory approval, and is expected to close in the third quarter of 2014.
Jeff Young, current chairman and CEO, will lead Evolution1, which will be the largest division of WEX, Reynolds said.