Wex provides payment software services that enable corporate and government customers with large trucking fleets to manage drivers’ fuel and other spending. The global company has about 600,000 customers operating about 19 million vehicles using its platform.
Late last year, Wex signaled it was gearing up for acquisitions, with Smith saying in an interview the economic turmoil then was lowering the price tags for acquisition targets, after prices had climbed in recent years.
In a call with investors, Smith said the total addressable market of the broader U.S. field services market that Payzer serves is about $5 billion. The business, at the intersection of software and payments, is growing at about a 30% clip, Smith said.
The Payzer system allows a contractor customer to manage an appointment with a homeowner customer, and Wex expects to overlay its services on that business, she said.
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