Payment processing provider Wex has acquired contractor software company Payzer for $250m, with the deal expected to be finalised by the end of the year, according to a statement released on 26 October.
Founded in 1983 as Wright Express Group, Wex went public in 2005 and specialises in providing vehicle fleet companies with fuel cards and managing travel payments.
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The company serves commercial and government vehicle fleet customers with small, medium and large fleets, as well as over-the-road, and long-haul fleets.
It has a geographic presence in Australia, New Zealand, Canada, Norway, Singapore, and the UK.
WEX is headquartered in South Portland, Maine, US.
In Wex’s Q3 2023 results, the company reported its total revenue had increased 6% to $651.4m from $616.1m for the Q3 of 2022.
Payzer, meanwhile, was founded in 2014 and provides software for contractors to provide invoices and scheduling.
“We entered into a definitive agreement to purchase Payzer, a leader in field service management software that will extend our ability to serve our current Mobility customer base,” said Melissa Smith, WEX’s chair, CEO and president.
“In addition, we continue to advance our EV strategy, including the expansion of our DriverDash mobile app to include EV functionality.”
