Source: Business Wire
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 (NYSE: 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.
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.
WEX (NYSE: WEX) is the global commerce platform that simplifies the business of running a business. WEX has created a powerful ecosystem that offers seamlessly embedded, personalized solutions for its customers around the world. Through its rich data and specialized expertise in simplifying benefits, reimagining mobility and paying and getting paid, WEX aims to make it easy for companies to overcome complexity and reach their full potential. For more information, please visit www.wexinc.com.
About BELAY Financial LLC
BELAY Financial LLC (www.belayfinancial.com) provides flexible contract CFO & Controller services to entrepreneurial companies. The firm specializes in cost-effective financial reporting, budgeting & forecasting, implementing controls, complex modeling, valuing businesses, and other financial management. Most of the firm’s clients are growing technology, healthcare, business services, consumer, and industrial companies at various stages of development from start-up to tens of millions in annual revenue. BELAY Financial has a team of more than 45 professionals serving more than 120 companies, and is part of BELAY Solutions, a national firm providing virtual assistants, social media management, and accounting services to small companies.