Repay Holdings has acquired US-based payment technology platform Payix in a cash-free, debt-free deal valued up to $115m.
As per the terms of the deal, Repay has made a $95m payment at the closing of the transaction.
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The firm is also due to make a payment of up to $20m through an earnout. This is subject to performance of Payix in 2022.
Established in 2016, Payix is an omni-channel payment technology platform involved in providing solutions that facilitate payments, data exchange, and communication.
The company’s software platform is designed to offer a wide range of omni-channel borrower payment options.
In this year, Payix’s revenue is expected to be more than $15m with adjusted and gross EBITDA margins of approximately 40% and 65%, respectively.
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By GlobalDataRepay CEO John Morris said: “We are thrilled about the acquisition of Payix, a highly complementary business to Repay.
“With its robust and highly flexible technology platform, Payix creates a uniquely positive experience and adds value for both the lender and borrower. Payix also has a strong pipeline and product roadmap, positioning it well for 2022 and beyond.”
REPAY expects the acquisition to further boost its position in the expanding automotive vertical.
It is also expected to help Repay fuel its expansion into the attractive buy now, pay later (BNPL) space.
For Repay, Troutman Pepper acted as legal advisor. Capstone Partners and Gunderson Dettmer served as exclusive financial advisor and legal advisor respectively to Payix.
