Considering all the ins and outs it takes to run a business, more companies have adopted digital tools to simplify or expedite many of their numerous tasks. With financial management being a key element to keeping operations afloat, REPAY is working to make processing payments easier.
The company announced on Monday its acquisition of Fort Worth-based Payix, a move that will expand its capabilities to help more businesses down the line.
REPAY will acquire Payix for up to $115 million, according to a statement. REPAY put forth $95 million at closing, and will potentially add up to $20 million to the transaction depending on how well Payix performs over the course of 2022.
Based in Atlanta, REPAY provides integrated payment solutions to enterprise customers in industries that have specific transaction processing needs. Counting customers within verticals such as healthcare, education, B2B and automotive, REPAY developed a customizable solution for payment lifecycle management. It provides customers with tools for accepting payments across multiple channels, automating payments to vendors and suppliers, quickly accessing funds and managing customer engagement messages.
Complementary to REPAY’s tech, Payix provides SaaS solutions that aim to help lenders better engage with borrowers and collect payments. The company offers lenders and loan servicers digital tools for facilitating payments, exchanging data and communicating with customers. Its products also integrate into existing loan management and dealer management systems.
REPAY based its investment in Payix on the company’s previous growth. Payix is expected to grow by over 40 percent this year and pull in more than $15 million in revenue, according to the company.
By incorporating Payix’s platform, REPAY hopes to strengthen its presence within the automotive space and expand into the “buy now, pay later” market.
“With its robust and highly flexible technology platform, Payix creates a uniquely positive experience and adds value for both the lender and borrower,” John Morris, CEO of REPAY, said in a statement. “Payix also has a strong pipeline and product roadmap, positioning it well for 2022 and beyond. We look forward to welcoming the Payix team into the REPAY family.”
Geared toward future growth, REPAY currently lists several DFW-based positions on its site spanning departments including sales, HR and risk and compliance.