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.
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.
About WEX
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.
Forward-Looking Statements made by WEX
This press release includes forward-looking statements
including, but not limited to, statements regarding the expected
strategic, operational, and financial benefits of the acquisition
and the anticipated timing of the expected closing of the
acquisition. Any statements in this press release that are not
statements of historical facts are forward-looking statements. When
used in this press release, the words “anticipate,” “believe,”
“continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,”
“project,” “will” and similar expressions are intended to identify
forward-looking statements, although not all forward-looking
statements contain such words. These forward-looking statements
involve known and unknown risks and uncertainties and other factors
that may cause the actual results or performance to be materially
different from future results or performance expressed or implied
by these forward-looking statements, including WEX’s ability to
complete or successfully integrate the acquisition or to realize
the anticipated benefits of the acquisition, as well as other risks
and uncertainties identified in Item 1A of WEX’s Annual Report on
Form 10-K for the year ended December 31, 2022, filed with the SEC
on February 28, 2023, and WEX’s Quarterly Reports on Form 10-Q for
the quarters ended March 31, 2023 and June 30, 2023, filed with the
SEC on April 27, 2023 and July 27, 2023, respectively, and
subsequent filings with the SEC. The forward-looking statements
speak only as of the date of this press release and undue reliance
should not be placed on these statements. WEX disclaims any
obligation to update any forward-looking statements as a result of
new information, future events or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231026951095/en/
Media: WEX Julie Lydon, 415-816-9397
Julie.Lydon@wexinc.com
Investors: WEX Steve Elder, 207-523-7769
Steve.Elder@wexinc.com
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