Wex, the global payment processing company based in Portland, is laying off 375 employees – 5% of its global workforce – including fewer than 45 employees in Maine.
The majority of the layoffs affect the company’s “technology organization,” Wex confirmed on Tuesday night. It is unclear what kinds of positions that encompasses.
“As the technology environment continues to change rapidly, it is imperative that WEX continues to evolve its business to support innovation and maintain its position as an industry leader,” Wex said in a statement Tuesday night. “We have made changes across the company to advance our technology transformation, streamline the organizational structures, and ensure that our customers remain at the center of everything we do.”
The company was Maine’s 35th largest private employer in 2023 with somewhere between 1,001 to 1,500 employees, according to data from the Maine Department of Labor.
Wex has not filed a notice with the Maine Department of Labor. The federal Worker Adjustment & Retraining Notification Act requires a company with at least 100 employees to give employees 60 days notice under a variety of circumstances, including when it lays off 50 or more workers at a facility or operating unit. A Wex spokesperson said the scope of the layoffs in Maine doesn’t require the company to alert the Maine Department of Labor.
Wex started selling fuel charge cards in 1983 as Wright Express Corp. The company went public in 2005 and expanded its payment processing offerings. It also launched a new divison, Wex Venture Capital, that invests in early-stage businesses focused on fleet electrification, EV charging infrastructure, energy management and similar technologies.
The company reported strong growth last year. Its full 2023 revenue increased 8% to $2.55 billion from $2.35 billion in 2022.
Wex has had multiple rounds of layoffs in the last four years. In April, Wex laid off around 70 jobs from its global workforce, including less than five jobs in Maine, according to MaineBiz. In 2022, Wex laid off 150 employees worldwide, including 30 positions in Maine. And in 2020, at the start of the COVID-19 pandemic, Wex laid off 45 employees and temporarily furloughed another 90 in Maine.
Send questions/comments to the editors.
Modify your screen name
Join the Conversation
Please sign into your Sun Journal account to participate in conversations below. If you do not have an account, you can register or subscribe. Questions? Please see our FAQs.