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FT Partners Advises Payzer on its $250,000,000 Sale to WEX

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