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