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Home»Automotive»WEX Completes Acquisition of Payzer – Operations
Automotive

WEX Completes Acquisition of Payzer – Operations

News/Media ReleaseBy News/Media ReleaseNovember 10, 2023No Comments1 Min Read
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Payzer has distribution partnerships with OEMs within the industries it serves, simplifying the connection for patrons with their upstream suppliers.

Photo: WEX/Payzer/Canva

WEX announced on Nov. 7 that it has accomplished the acquisition of Payzer.

WEX, in attempting to expand its product suite and create additional cross-sell opportunities, acquired Payzer for a complete consideration of roughly $250 million. There’s also a further contingent consideration of as much as $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 gives scheduling, dispatching, customer communications, invoicing, sales proposals, supply ordering, and maintenance agreements.

As well as, Payzer has distribution partnerships with OEMs within the industries it serves.

“We consider our combination will only strengthen and deepen our offerings to WEX’s Mobility customers – roughly 150,000 of which operate field service management corporations – by providing them a brand new, scalable, and integrated business management software offering,” said CEO of WEX Melissa Smith in a recent news release.

WEX previously announced its entry right into a definitive agreement to accumulate Payzer on Oct. 26.

This Article First Appeared At www.automotive-fleet.com

acquisition completes Operations Payzer WEX
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