Payix, a Bedford-based payment tech platform marketed to auto lenders, was acquired by Atlanta’s Repay Holdings Corp. in a deal potentially worth as much as $115 million. The acquisition was announced yesterday and included $95 million paid at closing with up to $20 million becoming available through an earnout based on Payix’s 2022 performance.

Along with adding Payix’s technology and position in the automotive and buy-now-pay-later verticals, the deal is also expected to bolster Repay’s bottom line, with Payix expected to generate a gross profit growth above 40% annually through 2023.

Payix, founded in 2016, offers proprietary technology that provides lenders and loan servicers tools to engage with borrowers and collect payments and has what was described as a “complementary sales distribution model” with Repay and its payment platform serving over 300,000 underlying borrowers.

“We are thrilled about the acquisition of Payix, a highly complementary business to Repay,” said John Morris, CEO of Repay, in a statement. “With its robust and highly flexible technology platform, Payix creates a uniquely positive experience and adds value for both the lender and borrower. Payix also has a strong pipeline and product roadmap, positioning it well for 2022 and beyond. We look forward to welcoming the Payix team into the Repay family.”

Repay is publicly traded (Nasdaq: RPAY) and its stock rose around 6% on the acquisition news Monday afternoon.

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