According to the press announcement, the acquisition will deepen and expand Bank of America’s payment offerings for healthcare clients and further accelerate its ability to serve this key vertical.
Bank of America said the acquisition is part of a broader initiative to integrate merchant services onto its proprietary platform following its merchant services joint venture’s dissolution last year.
The financial terms of the acquisition were not disclosed.
AxiaMed offers a cloud-based healthcare payment platform. According to the company, its platform integrates into various electronic health records, practice management systems, revenue cycle, patient engagement, and related software applications to provide secure, flexible patient payment options with features and optimal workflows.
“We are adding a talented team that brings great domain expertise and technology, and we’re excited to have them join Bank of America,” said Mark Monaco, head of enterprise payments at Bank of America. “We have a shared vision of providing clients with the best technology to meet their payment needs. 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.”
“AxiaMed is excited to join Bank of America,” said Randal Clark, President, CEO, and Founder of AxiaMed. “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.”
A total of 184 digital health companies were acquired in 2020, compared to 169 in 2019, according to Mercom’s Q4 and 2020 Digital Health Funding and M&A Report. Learn more about M&A activity in the digital health sector.