WEX, a global commerce platform, announced the signing of a definitive agreement to acquire Payzer, a services management software provider, that the company said will expand its product suite and create additional cross-sell opportunities.
Payzer’s acquisition will provide WEX with a new, scalable SaaS solution for approximately 150,000 small business customers operating field service companies, the company said in an Oct. 26 news release.
“We are thrilled at the prospect of providing an exciting new offering for our Mobility customers with the anticipated acquisition of Payzer,” said Melissa Smith, WEX’s chair, CEO and president. “Payzer is an example of us finding a high-growth market with a customer base that overlaps with our current customer footprint, with a great product and service offering to address the needs of these customers.”
WEX, a tech mobility solutions firm with more than 600,000 customers and approximately 19 million vehicles served on its platform, plans to pair with Payzer’s field service management software as a service, or SaaS, suite, offering scheduling, dispatching, customer communications, invoicing, sales proposals, supply ordering, and maintenance agreements.
Payzer focused its business on providing solutions to small HVAC, plumbing, and roofing businesses available on desktop and mobile applications. Payzer also has relationships and distribution partnerships with key OEMs in the industries it serves, simplifying the relationship for customers with their upstream suppliers.
WEX said it would acquire Payzer for approximately $250 million with “…additional contingent consideration of up to $11 million based on defined performance metrics, subject to certain working capital and other adjustments.”
The company said it intends to finance the acquisition through its revolving credit facility and cash on hand. The transaction is expected to be completed before the end of 2023, subject to customary closing conditions.
For more information, visit wexinc.com.