Financial services technology firm Wex Inc. has agreed to acquire contractor software company Payzer LLC.
Wex is buying Payzer for about $250 million, with additional consideration of as much as $11 million based on performance metrics, according to a statement on Thursday that confirmed an earlier Bloomberg News report. It plans to finance the acquisition through its revolving credit facility and cash on hand.
Wex, which went public in 2005, offers corporate payment solutions for businesses and focuses on travel payment and corporate cards, along with health and employee benefit solutions. Based in Portland, Maine, it markets services to businesses and government agencies with vehicle fleets, according to the company.
Read the full story on Bloomberg here.