Wex to acquire Payzer for $250M

Wex 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. Pursuant to the terms of the definitive agreement, Wex will acquire Payzer for total consideration of approximately $250M, with additional contingent consideration of up to $11M 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.