Axia Technologies, a Santa Barbara-based health care payment and technology company, has been acquired by Bank of America.
The terms of the acquisition were not immediately announced, but in an April 2 news release announcing the deal, Bank of America said the move is part of a lager strategy to bring additional merchant services onto its platform after its previous merchant services venture was dissolved last year.
“We have a shared vision of providing clients with the best technology to meet their payment needs,” Mark Monaco, head of enterprise payments at Bank of America, said in the press release. “Working together, we can leverage our joint expertise and capabilities to deliver a comprehensive range of payment and settlement solutions to our healthcare clients and their patients.”
Axia Technologies, also known as AxiaMed, was started in 2015 as a way to help the financial performance of healthcare providers by giving patients more ways to pay for their care.
“AxiaMed is excited to join Bank of America,” Randal Clark, the founder and CEO of Axia, said in the release. “AxiaMed strives to ensure that our industry-leading payments platform can be leveraged by our partners and their clients, many of whom currently use numerous products and services of Bank of America, to provide a seamless and secure end-to-end patient payment experience.”