This move is in line with WEX’s growth strategy of expanding its product suite and creating cross-sell opportunities, the company said in a Thursday (Oct. 26) press release.
Payzer’s comprehensive field service management solution includes scheduling, dispatching, customer communications, invoicing, sales proposals, supply ordering and maintenance agreements, according to the press release. The software is available on both desktop and mobile applications and is used by small businesses in the HVAC, plumbing and roofing industries.
The acquisition of Payzer will provide WEX with a scalable Software-as-a-Service (SaaS) solution for its approximately 150,000 small business customers who operate field service companies, the release said. By integrating Payzer’s solutions, WEX aims to help these customers streamline operations, simplify sales processes and improve collections.
“Payzer is an example of us finding a high-growth market with a customer base that overlaps with our current customer footprint, with great product and service offering to address the needs of these customers,” Melissa Smith, WEX’s chair, CEO and president, said in the release.
This new offering will join WEX’s lineup of mobility solutions that currently serve more than 600,000 customers and approximately 19 million vehicles, according to the press release.
The acquisition is expected to be completed before the end of 2023, subject to customary closing conditions, the release said.
This announcement comes on the same day that WEX reported its third quarter results, saying its revenue during the quarter increased 6% year over year to a record $651 million.
In another recent move in the field service space, Salesforce announced in July the availability of a new generative artificial intelligence (AI) tool called Service GPT that enables users to autogenerate personalized replies and automatically summarize customer interactions for future reference.
“Customer expectations continue to rise, and service organizations are feeling the heat,” Bill Patterson, executive vice president and general manager of C360 Applications at Salesforce, said when announcing the new product. “Service GPT’s capabilities are helping both traditional and field service teams leverage AI to work more efficiently, giving service professionals more time to focus on higher-order tasks and establish strong customer relationships through personalized interactions.”