Repay Holdings has acquired Ventanex, a smart transaction technology company, in a deal valuing up to $50m.
As agreed, Repay already paid $36m at closing. The remaining $14m will be payable upon achieving certain performance goals.
Established in 2012, Ventanex offers integrated payments solutions to consumer finance and B2B healthcare verticals.
The Ventanex LIFT platform allows clients to manage their inbound and outbound payments through a single portal. The system allows customers to transact in several payment types including cheque, debit card, credit card and ACH among others.
In 2019, Ventanex is expected to generate revenue of $12m.
Repay CEO John Morris said: “The acquisition of Ventanex advances Repay’s overarching strategy of being the preferred payments provider to high-growth verticals where our technology and payment capabilities serve as differentiators.
“The consumer finance and B2B healthcare markets will provide significant growth opportunities, as these verticals are in the early stages of a secular shift from legacy payment mediums to the more innovative and varied payment solutions in which we specialise.
“Additionally, Ventanex’s consumer finance and B2B focus aligns well with our existing client base, allowing us to provide both customer sets with more robust offerings.”
Headquartered in the US state of Georgia, Repay specialises in offering financial technology and payment processing solutions.
The company financed the closing of the Ventanex acquisition through existing cash on hand and new borrowings. It also entered into a new agreement with Truist Bank and other banking group members to increase its existing credit facility to $345m.