More industry consolidation came to light on Wednesday as Realtime Electronic Payments (REPAY) made another acquisition.
The provider of advanced payment technology products and electronic transaction processing services for the consumer finance industry has acquired PayMaxx Pro, an electronic payments provider to the automotive industry.
“This acquisition expands our footprint in the automotive industry and broadens our software integration capabilities, enabling us to better serve our existing and prospective customers,” REPAY chief executive officer John Morris said.
“PayMaxx Pro’s people will bring a wealth of knowledge and expertise, and we look forward to welcoming Megan Bussie, Jon Leedom and their team to the REPAY family,” Morris added.
Executives said PayMaxx Pro customers will soon experience the benefits of the acquisition.
“We are excited about the expanded product offerings and technology enhancements this partnership brings to our integrated partners and clients,” said Bussie, former director of PayMaxx Pro and now director of sales for REPAY.
Bussie indicated customers will have access to an enhanced product suite, including a customer-facing mobile app, and they will continue to receive the exceptional PayMaxx Pro customer service.
Both companies highlighted they also will benefit from shared resources and cutting-edge technology, and REPAY will continue to invest in the consumer finance and automotive industries.
REPAY pledged to expand its relationships with software partners while remaining committed to providing a first-class customer experience where customers can automate and accept payments anywhere, anytime and through any method.
“REPAY was the obvious choice when selecting a group that had the resources, knowledge and commitment to continue the growth of PayMaxx Pro. They will build upon the products and services that will enhance our clients' business operations,” said Chris Leedom, chief executive officer and president of PayMaxx Pro.
REPAY isn’t unfamiliar with making acquisitions as almost a year ago the company finalized a deal for Sigma Payment Solutions.