WEX Completes Acquisition of Payzer

Rhea-AI Summary

WEX has completed the acquisition of Payzer, a cloud-based field service management software provider. The acquisition is expected to strengthen WEX's position in the market and expand its offerings.

Positive

• The acquisition of Payzer is expected to strengthen WEX's position in the market.
• WEX aims to expand its offerings with the addition of Payzer's cloud-based field service management software.
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• None.

PORTLAND, Maine--(BUSINESS WIRE)-- WEX (NYSE: WEX), the global commerce platform that simplifies the business of running a business, today announced that it has completed the previously announced acquisition of Payzer, a high-growth, cloud-based, field service management software provider.

“We are excited about this deal and to welcome the Payzer team to WEX,” said Melissa Smith, Chair and CEO, WEX. “We believe our combination will only strengthen and deepen our offerings to WEX’s Mobility customers – approximately 150,000 of which operate field service management companies – by providing them a new, scalable, and integrated business management software offering.”

WEX previously announced its entry into a definitive agreement to acquire Payzer on October 26, 2023.

Forward-Looking Statements

This press release includes forward-looking statements including statements regarding the expected benefits 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 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.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231102161723/en/

News Media Contact:

WEX

Julie Lydon, 415-816-9397

Julie.Lydon@wexinc.com

Investor Contact:

WEX

Steve Elder, 207-523-7769

Steve.Elder@wexinc.com

Source: WEX

FAQ

What did WEX announce?

WEX announced the completion of its acquisition of Payzer, a cloud-based field service management software provider.

What is Payzer known for?

Payzer is known for its high-growth, cloud-based field service management software.

What is the impact of the acquisition on WEX?

The acquisition is expected to strengthen WEX's position in the market and expand its offerings.