WEX has completed the acquisition of Payzer. WEX, in attempting to expand its product suite and create additional cross-sell opportunities, acquired Payzer for a total consideration of approximately $250 million.
There is also an additional contingent consideration of up to $11 million based on defined performance metrics, subject to certain working capital and other adjustments.
Payzer is a field service management software as a service (SaaS) provider that offers scheduling, dispatching, customer communications, invoicing, sales proposals, supply ordering, and maintenance agreements.
In addition, Payzer has distribution partnerships with OEMs in the industries it serves.
“We believe our combination will only strengthen and deepen our offerings to WEX’s Mobility customers – approximately 150,000 of which operate field service management companies – by providing them a new, scalable, and integrated business management software offering,” said CEO of WEX Melissa Smith in a recent news release.
WEX previously announced its entry into a definitive agreement to acquire Payzer on Oct. 26.