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.

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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

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.”