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TransactionWatch – Week of January 3rd – January 7th

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The new year is ringing in with a hefty amount of new M&A transactions for the payments industry. To kick things off, REPAY announced this week of their acquisition of Payix, a payment technology provider geared towards lenders and loan servicers. For this deal, REPAY will pay $95 million at closing, with up to an additional $20 million through a potential earnout depending on Payix’s 2022 performance. Based on Payix’s 2022 expected revenue of $15 million, REPAY is purchasing at a multiple of approximately 6.3x at closing. The addition of Payix ultimately enhances REPAY’s market positioning in the growing automotive vertical.

In other M&A news, I3 Verticals announced that they have acquired an undisclosed business that provides solutions for court system data management in the southeast and mid-Atlantic. This deal will essentially help strengthen i3 Vertical’s position in the Public Sector, and will be further disclosed during the company’s upcoming earnings call in February. Separately, VeriCheck has announced their acquisition of Applied Payments (dba ACHWorks) for an undisclosed sum. This deal compliments VeriCheck’s existing initiatives in expanding into ACH payment processing, which the company has been developing using Microsoft Azure over the past year. Following this deal, VeriCheck will incorporate ACHWorks’ team and technologies in their existing payment offerings.