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V O L . X X I N O. V M A R C H 9 , 2 0 1 5 16 flexible spending and health reimbursement accounts. Named one of the health care industry's fastest- growing companies by Modern Healthcare, Evolution processed more than million claims in , and serves more than , employer groups and mil- lion consumers in the United States and Canada. Evolution also fits the WEX model of providing unique solutions in complicated markets — in its case, it has developed a cloud-based technology that provides an easier and faster system for consumers, employers and health care administrators to manage health savings and medical reimbursement accounts. Importantly, that technology has been adapted to allow consumers to view, add or pay their expenses on mobile devices. "e opportunity for us to learn in that environ- ment is huge," says Crowley, noting that WEX's global expansion and acquisitions of innovative companies like Evolution is creating opportunities for "cross- pollinating solutions from one location to another." Smith says WEX's purchase of Evolution enables both companies to greatly expand their partner networks, given the underlying dynamics of a health care marketplace in which an increasing number of employers are shifting to high-deductible plans in which employees have a greater responsibility of managing their accounts. It also expands WEX's traditional business-to-business focus into the much larger business-to-business-to-consumer arena. Like WEX's longstanding business relationships with major fuel companies and fleet customers, she adds, Evolution's nearly partnerships with third-party administrators, health plans, insurers and financial institutions create a very predictable revenue stream so long as they remain continuing customers. e key to that, she says, is continuing to deliver solutions unique to those partners' needs and then backing that up with strong customer service. Travel payments also growing WEX's travel payments vertical, like its fleet card business, now has a global footprint. Since , the company's pioneering single-use payment technol- ogy, commonly referred to as a "virtual credit card," has been embraced by online travel agencies as an efficient solution to the inherent complexities of mil- lions of consumers making their own travel reserva- tions. It's now used at more than , hotels in more than countries by the likes of Priceline and Expedia. Because the virtual card is a one-time-use secure account number that's created as soon as the reservation is made, it gives all parties greater protec- tion against fraud. It also streamlines payments and reconciliations when travel plans are changed. "We help companies remove friction from the transaction," says Crowley. "We also listen to the voice of their customers. We have seasoned teams on the ground that know and live and breathe those customers' needs. at makes the technology side of life much easier. Our goal is always to deliver a pay- ment solution that's truly unique to the customer," Security is a top priority, he adds, for all of WEX's payment services. "It's dangerous out there," Crowley says. "Our customers don't think about that as much as we do. ey believe they will be taken care of, so that means we have to be well ahead of the bad guys. We need to be in front of our customers in terms of anticipating what their needs are before they're even aware of them." Smith agrees, noting that the company has sev- eral "innovation centers" that are expressly set up to develop new technology for improving its services across each of its business verticals. ose centers also are identifying technologies already in place in one geographic region — such as identity chips embedded within credit cards, commonplace in Europe — that could be beneficial elsewhere. "Technology is the enabler for us," she says. "But it's also about our relationship with our customers and our employees, the people who every day do what they do to make it all happen." J M C , M a i n e b i z s e n i o r w r i t e r , c a n b e r e a c h e d a t @ . Employee Stock Ownership Plan Bellview Associates served as exclusive financial advisor to Dennis Beverage Company d/b/a Dennis Paper & Food Service in connection with the design and implementation of its Employee Stock Ownership Plan. Additional Advisors Corporate Counsel Bangor 207.947.4501 ESOP Financial Advisor Chicago New York City Ellsworth, ME 312.474.7770 207.664.0838 Susan Scherbel, PA PA P , LLC ERISA and ESOP Counsel for the Company William Hanson & Brent Singer Corporate Counsel for the Company Seth Webber Webber W ESOP Valuation Valuation V and Financial Advisor 207.541.2297 January 2015 Edward Feibel ESOP Trustee Counsel Trustee Counsel T Dennis Paper & Food Service is a Maine company, founded in 1908, providing food distribution services to restaurants, retailers and others. It is headquartered in Bangor but serves customers throughout Maine. Bellview Associates is a financial advisory and consulting firm specializing in advising companies regarding ESOPs, and analyzing and designing ESOP transactions for its clients. Since its establishment in 2000, the firm has worked with and advised public and private companies and has implemented ESOP transactions totaling in excess of $1 billion in aggregate value. Bellview Associates has offices in Chicago, Maine and New York City. Rudman Winchell is a full service law rm serving the people, businesses and communities of Maine. With our vast legal resources and more than 30 attorneys located in Bangor, we become a true strategic partner with the clients we serve. BerryDunn is a firm of CPAs and consultants providing financial and business expertise to organizations in New England and across the country. For Employee Stock Ownership Plans, BerryDunn's Valuation group oers advice, insight, and analysis to support the value of the initial transaction. For established ESOPs, our advisors perform share valuation updates, grounded in a thorough understanding of each company. Eaton Peabody and its aliates combine nearly 59 attorneys and consultants with over 50 support sta to serve clients throughout Maine and beyond from oces in Augusta, Bangor, Brunswick, Ellsworth and Portland. » C O N T I N U E D F RO M P R E V I O U S PA G E What we do is get rid of complexity, we get rid of paper and we give our customers access to more information quickly. These competencies are very real and very adaptable. — Stephen Crowley, senior vice president and CIO

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