WEX – a global commerce platform that simplifies the business of running a business – recently announced the signing of a definitive agreement to acquire Payzer, which is a high-growth and cloud-based field service management software provider.
After the expected completion, the acquisition will advance WEX’s growth strategy of expanding its product suite and creating additional cross-sell opportunities by providing a new, scalable SaaS solution for its approximately 150,000 small business customers who operate field service companies.
WEX is a leader in mobility solutions with over 600,000 customers and approximately 19 million vehicles served on its Mobility platforms. Payzer is a full-featured field service management SaaS provider, offering scheduling, dispatching, customer communications, invoicing, sales proposals, supply ordering, and maintenance agreements. And Payzer has initially focused on providing solutions to HVAC, plumbing, and roofing small businesses.
The solutions are all woven together in an easy-to-use and intuitive software package available on both desktop and mobile applications. And Payzer has deep relationships and distribution partnerships with key OEMs in the industries it serves, simplifying the relationship for customers with their upstream suppliers.
The deal is expected to be completed before the end of the year, subject to customary closing conditions.
Pursuant to the terms of the deal, WEX will acquire Payzer for total consideration of 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. And WEX plans to finance the acquisition through its revolving credit facility and cash on hand.
“We are thrilled at the prospect of providing an exciting new offering for our Mobility customers with the anticipated acquisition of Payzer. Payzer’s top-tier service offering and feature set is at the convergence of SaaS and payments. 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.”
— Melissa Smith, WEX’s Chair, Chief Executive Officer, and President