North Texas Tech Platform for Auto Lenders Secures Up to $ 115 Million Buyout ”Dallas Breaks New Ground
Payix, a Bedford-based payment technology platform marketed to auto lenders, has been acquired by Repay Holdings Corp. Atlanta in a deal worth up to $ 115 million. The acquisition was announced yesterday and included $ 95 million paid at closing and up to $ 20 million becoming available through a earn-out based on Payix’s performance in 2022.
In addition to adding technology and Payix’s position in the automotive and buy-it-now verticals, the deal is also expected to bolster Repay’s results, with Payix expected to deliver gross profit growth above 40%. per year until 2023.
Payix, founded in 2016, offers proprietary technology that provides lenders and loan departments with tools to engage with borrowers and collect payments.
“We are delighted with the acquisition of Payix, a company that is very complementary to Repay,” said John Morris, CEO of Repay, in a statement. “With its robust and highly flexible technology platform, Payix creates a unique positive experience and adds value for both lender and borrower. Payix also has a strong pipeline and product roadmap, which positions it well for 2022 and beyond. We look forward to welcoming the Payix team to the Repay family. “
To reimburse is listed on the stock exchange (Nasdaq: RPAY) and its share rose by around 6% on the announcement of the acquisition on Monday afternoon.
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