High-growth field service management platform at the convergence of SaaS and payments helps customers simplify operations, streamline their sales processes, and improve collections

Complementary solutions align with current customer base’s needs, enhancing cross-sell opportunities and strengthening relationships

Further expands total addressable market

WEX, the global commerce platform that simplifies the business of running a business, today announced the signing of a definitive agreement to acquire Payzer, a high-growth, cloud-based, field service management software provider. Upon 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.

“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, Chief Executive Officer, and President. “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.”

WEX is a leader in mobility solutions with more than 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. Payzer has initially focused on providing solutions to HVAC, plumbing, and roofing small businesses. These solutions are all woven together in an easy-to-use and intuitive software package available on both desktop and mobile applications. In addition, Payzer has deep relationships and distribution partnerships with key OEMs in the industries it serves, simplifying the relationship for customers with their upstream suppliers.

Transaction Details

Pursuant to the terms of the definitive agreement, 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. WEX 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.

Third Quarter 2023 Financial Results

In a separate press release issued today, WEX announced its third quarter 2023 results and raised its full-year 2023 financial guidance.

As previously announced, WEX will host its third quarter earnings conference call today, October 26, 2023, at 10:00 a.m. (ET). The conference call will be webcast live on the Internet, and can be accessed along with the accompanying slides at the Investor Relations section of the WEX website, www.wexinc.com. The live conference call also can be accessed by dialing (888) 510-2008 or (646) 960-0306. The Conference ID number is 2237921. A replay of the webcast and the accompanying slides will be available on the Company's website.