Overview of Transaction

• On October 26, 2023, WEX (NYSE:WEX) announced that it signed a definitive agreement to acquire Payzer for total consideration of approximately $250 million
• The deal includes additional contingent consideration of $11 million based on defined performance metrics
• Payzer is a full-featured, cloud-based field service management platform at the convergence of SaaS and payments, helping its customers simplify operations, streamline their sales processes, and improve collections
• Payzer has historically delivered its solutions to SMBs in the HVAC, plumbing, and roofing verticals
• WEX is a global commerce platform that simplifies business payments, employee benefits, fuel cards, and fleet management
• Within its Fleet Solutions segment, WEX serves over 600,000 customers and approximately 19 million vehicles on its Mobility platforms

Significance of Transaction

• The acquisition expands WEX’s total addressable market and advances the Company’s growth strategy through complementary solutions, enhanced cross-selling opportunities and stronger industry relationships
• Additionally, the acquisition provides a new, scalable SaaS solution for WEX’s approximately 150,000 SMB customers who operate field service companies

FT Partners' Role

• FT Partners served as the strategic and financial advisor to Payzer
• FT Partners previously advised Payzer on its $23 million Series D financing in June 2021
• This transaction highlights FT Partners’ deep domain expertise in vertical SaaS and payments
• Notably, this is the fourth client that FT Partners has sold to WEX, as we previously advised Optal on its $578 million combined sale with eNett in 2020, Benaissance on its $80 million sale in 2015, and Fleet One on its $369 million sale in 2012
• This transaction also highlights FT Partners’ successful track record generating highly favorable outcomes and supporting the growth of its clients over multiple years, multiple transactions, and multiple stages of a client lifecycle, including for growth capital and M&A