Ixaris is ending almost 20 years as an independent company and will be part of the global payment provider Nium.
Terms of the acquisition were no disclosed.
Singapore-based Nium is expected to file to become a publicly listed company in the U.S. over the course of the next 18 months to two years.
Ixaris was created by Alex Mifsud in the U.K. in 2002 and was one of the pioneers of the virtual credit card system favored by many travel brands.
It is currently led by Mark Spiteri, who took over as group CEO in May 2020 after joining the company as a developer in 2005.
The company issued some 10 million virtual cards in 2019 and claims to have processed 24 million transactions for more than customers.
Ixaris's full team of 86 employees will transfer with the company following completion of the acquisition.
Prajit Nanu, co-founder and CEO at Nium, says: "The travel industry has long been dependent on slow-moving, monolithic payment platforms.
"Our acquisition will serve to replace these incumbents with a modern solution that combines Ixaris' leading virtual card capability with Nium's advanced pay-in, pay-out and embedded foreign exchange capabilities."
Nium was launched in 2014.