i3 Verticals Acquires Axia Payments
Expands Credit Facilities to $85.5 Million Achieves Run Rate of $10 Billion in Annualized Payment Volume
NASHVILLE, TN (June 1, 2016) – i3 Verticals, LLC, a rapidly growing technology and payment processing company, today announced the acquisition of Axia Payments, LLC, headquartered in Santa Barbara, California. Axia, founded in 1999, provides electronic payment processing services to a broad range of business, government and non-profit organizations. For 2015, Axia’s charge volume exceeded $2.5 billion. i3 Verticals also made an investment in a related integrated payment technology and healthcare software business, Axia Technologies, LLC, which 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. In addition, i3 Verticals announced an expansion in its senior credit facilities to $85.5 million.
Greg Daily, founder and CEO of i3 Verticals, 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. 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.”
Randal Clark, CEO of Axia, added, “We are very pleased to announce this transaction and to be joining forces with i3 Verticals. I have known Greg Daily for more than two decades, and I am confident that this combination represents a great long-term opportunity for the Axia team and for our customers.”
Daily added, “We are also pleased to announce an expansion in our senior credit facilities from $50 million to $85.5 million, which includes a $65.5 million revolving credit for future acquisitions. The bank group is led by FirstBank of Tennessee, Bank of America, and Wells Fargo.”
About i3 Verticals, LLC
Based in Nashville, TN, i3 Verticals, LLC is a technology and integrated payments provider for a range of industry verticals throughout the United States. i3 Verticals intends to make additional acquisitions and become a leader in distinct, growing verticals by helping customers improve their operating efficiencies, enhance revenues, and streamline their payment processing functions.
