i3 Verticals, a technology and payment processing company, has acquired Axia Payments, headquartered in Santa Barbara, California.
Founded in 1999, Axia offer electronic payment processing services to a wide range of business, government and non-profit organizations. Its charge volume exceeded $2.5bn for 2015.
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In addition, i3 Verticals also made an investment in a related integrated payment technology and healthcare software business, Axia Technologies.
Axia Technologies owns and markets Corral Solutions revenue cycle software to healthcare providers and the Payment Fusion integrated payment platform to healthcare software ISV’s and healthcare providers.
Commenting on the deal, i3 Verticals founder and CEO Greg Daily remarked: "The acquisition of Axia is a significant transaction for i3 Verticals. In addition to being our largest acquisition to-date based on payment volume, Axia strengthens our presence in a range of existing vertical markets.
"With this acquisition, we realize a significant expansion in our sales force, with the Axia sales group having traditionally focused on larger clients with greater payment volume than our average customer. We also gain an experienced back office support team on the west coast, further broadening our service capabilities across multiple time zones.
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By GlobalData"With the closing of this transaction, i3 Verticals’ payment volume has reached an annualized run rate of $10 billion, three and a half years after the completion of our first transaction in December 2012."
