Repay, a provider of vertically-integrated payment solutions, has acquired Ventanex, an integrated payments solutions provider, for up to $50m.

The company has paid $36m of the total purchase price of $50m during the closing of transaction, and is expected to pay the remaining $14m, based on the achievement of performance growth targets.

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 specialize.”

Ventanex offers payment solution that is deeply integrated into its clients’ workflow

Repay has combined its cash on hand and new borrowings under its existing credit facility, to finance the closing of the transaction.

In addition, the company has signed an agreement with Truist Bank and other members of its existing bank group to expand its existing credit facility by $115m, facilitating enhanced capacity for growth.

Ventanex’s consumer finance and B2B focused approach is said to be in line with the existing client base of Repay, and the transaction would facilitate the growth of consumer finance and B2B healthcare businesses.

Established in 2012, Ventanex is engaged in enabling its clients to send and receive funds across various payment types, including ACH, debit card, credit card, virtual card, and check.

Ventanex claimed that its solution is deeply integrated into the workflow of its clients, through connectivity with their primary enterprise software solutions.

Ventanex CEO Chris Sanders said: “We are thrilled to partner with REPAY to accelerate our growth in the consumer finance and B2B healthcare verticals, as both markets are large and present numerous value creation opportunities.

“We expect the combination of our product suite and REPAY’s distribution capabilities to drive meaningful growth in our core markets.”