Axis is an online content creator that allows people working in a newsroom to build broadcast quality news graphics from a desktop.
The deal comprised $1m in cash, a delayed payment of $1m due on Dec 31 2008 and 195,313 shares.
According to Chyron, the merger will allow clients to produce better quality graphics more quickly.
Axis Graphics can provide high resolution maps, real time weather displays, financial quotes and topical news graphics.
Chyron chief executive Michael Wellesley-Wesley said: “I believe that in the future this will be seen as a major milestone in the development of digital graphics creation and workflow. With AXIS we are able to address a wide array of new growth markets around the world."
Chyron has also launched an online division that will look to expand its client base beyond traditional broadcast and into newspapers, digital radio, mobile phones and digital signage.