Payzer, Charlotte Payments Software Company, Acquired for $250 Million by Wex

Why It Matters:

This acquisition is important because it showcases the success and potential of homegrown Charlotte technology companies, and highlights the growth strategy of Wex in expanding its product suite and customer base.

The Details:

• Payzer was acquired by Wex, a Portland-based company, for $250 million.

• Wex may pay an additional $11 million if certain metrics are achieved by Payzer.

• Payzer has around 150 employees and focuses on providing software solutions to plumbers, roofers, and HVAC contractors.

• The company has an annual revenue of about $30 million.

• Wex's CEO, Melissa Smith, stated that the acquisition will help Wex expand its product suite and create cross-sell opportunities.

Conclusion:

The acquisition of Payzer by Wex for $250 million highlights the success of homegrown Charlotte technology companies and the growth potential of the payments software industry.