WEX Inc. WEX yesterday announced that it has partnered with MYOB, an online business management platform. MYOB provides business and accounting software to 1.2 million businesses in New Zealand and Australia.
With the help of MYOB’s business payment platform, WEX customers can easily pay their suppliers via WEX virtual credit cards. The collaboration is expected to offer more flexible payment options to WEX customers.
WEX’s B2B payment capability and MYOB’s business payment platform should perfectly complement each other and offer exciting payment experience to their Australian customers.
Over the past six months, shares of WEX have gained 23.6% compared with 1.4% growth of the industry it belongs and 16.4% increase of the Zacks S&P 500 composite.
Justin Cross, director, Business Development & Partnerships, EMEA & APAC, WEX stated, "WEX’s corporate payments business is continuing to work with innovative brands like MYOB to support local business growth and ensure payments are not an afterthought. We are committed to growing with Australian brands by helping them build their financial infrastructure and providing a seamless customer experience through simplified payment transactions."
We believe that the move will help WEX strengthen its Travel and Corporate Solutions segment, which targets the complex payment environment of business-to-business payments, providing customers with payment processing solutions for their corporate payments and transaction monitoring needs. Third-quarter 2020 revenues of the segment decreased 35% from the year-ago level to $64.3 million.
Zacks Rank and Stocks to Consider
WEX currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader Zacks Business Services sector are ManpowerGroup MAN, Huron Consulting HURN and NV5 Global NVEE, each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The long-term expected earnings per share (three to five years) growth rate for ManpowerGroup, Huron Consulting and NV5 Global is 3.5%, 14% and 16.8%, respectively.
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