Priority Technology Holdings, Inc. Completes Acquisition of Plastiq, Inc.
August 01 2023 - 8:05AM
Business Wire
Priority’s payments and banking solutions
combined with Plastiq’s bill pay and working capital platform
allows companies to make money with every business expense
Priority Technology Holdings, Inc. (NASDAQ: PRTH) (“Priority”),
a leading platform for unified commerce that delivers integrated
payments and banking at scale, announced today that it has
completed the acquisition of substantially all of the assets of
Nearside Business Corp. and PLV Inc., as well as all of the equity
of Plastiq Canada Inc. and Plastiq Inc. (collectively, “Plastiq”),
with the approval of the United States Bankruptcy Court for the
District of Delaware.
“We are eager to welcome Plastiq’s employees and customers into
the Priority family,” said Thomas Priore, Chairman and CEO of
Priority. “Both companies have been focused on building leading B2B
payment solutions. Our combined B2B offering will provide
businesses of all sizes a full suite of working capital solutions
that optimize their important vendor relationships while maximizing
cash flow flexibility to operate and grow their business.”
“Our mission has always been to accelerate the financial success
of small businesses by giving them the access to working capital
they need to grow and thrive,” said Eliot Buchanan, Plastiq CEO
& Founder. “As part of Priority, we will be uniquely positioned
to offer a full suite of payment and banking capabilities to bring
a holistic approach to solving our customers’ biggest working
capital issues.”
“The addition of Plastiq is another example of how Priority is
building a differentiated Unified Commerce Platform for our
business and integrated software clients,” continued Priore. “Our
customers can choose the payment acceptance and automated bill
payment tools, now including Plastiq, that best fit their business
to optimize their cashflow management all in one place on our
native payments and banking as a service platform.”
Keefe, Bruyette & Woods served as financial advisor and
Troutman Pepper Hamilton Sanders LLP served as legal advisors to
Priority.
About Priority Technology Holdings, Inc.
Priority’s purpose-built payments and banking technology
platform to collect, store and send money serves over 800 thousand
clients, processing $115 billion in annual payments volume though
its proprietary merchant acquiring application, MX Merchant, BRB
payments solution, CPX and library of APIs including Passport for
ISV and Enterprise partners. Priority handles the complexities of
payments and embedded finance to free its partners to focus on
their core business objectives. Priority’s APIs and proprietary
processing solutions are supported by nationwide money transmission
licenses, end-to-end operational support including automated risk
management, underwriting, full AML, BSA and OFAC compliance and
industry leading customer service. Additional information can be
found at www.prioritycommerce.com.
About Plastiq
Founded in 2012, Plastiq is a leading B2B payments company.
Plastiq has helped tens of thousands of businesses improve cash
flow with instant access to working capital, while automating and
enabling control over all aspects of accounts payable and
receivable. Plastiq provides growing finance teams with technology
and know-how once reserved for only large enterprises. The flagship
product, Plastiq Pay, pioneered a way for businesses to pay
suppliers by credit card regardless of acceptance as an alternative
to expensive, scarce bank loan options. Plastiq Accept offers an
alternative to expensive merchant services, enabling businesses to
accept credit cards with no merchant fees and get paid across any
customer touch point, including a website, invoice, checkout
process, and in person via QR code. The Plastiq Connect API suite
enables platforms, marketplaces, and ERPs, to expand B2B payment
options for payables and receivables in their native customer
experience while outsourcing payment execution, risk, and
compliance.
Forward Looking Statements
This press release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. Such statements include, but are not limited to, statements
about future financial and operating results, our plans,
objectives, expectations and intentions with respect to future
operations, products and services, and other statements identified
by words such as “may,” “will,” “should,” “anticipates,”
“believes,” “expects,” “plans,” “future,” “intends,” “could,”
“estimate,” “predict,” “projects,” “targeting,” “potential” or
“contingent,” “guidance,” “outlook” or words of similar meaning.
These forward-looking statements include, but are not limited to,
the Purchase Agreement and our ability to close on the Purchase
Agreement. Such forward-looking statements are based upon the
current beliefs and expectations of our management and are
inherently subject to significant business, economic and
competitive risks, trends and uncertainties that could cause actual
results to differ materially from those projected, expressed, or
implied by such forward-looking statements. Our actual results
could differ materially, and potentially adversely, from those
discussed or implied herein.
We caution that it is very difficult to predict the impact of
known factors, and it is impossible for us to anticipate all
factors that could affect our actual results. All forward-looking
statements are expressly qualified in their entirety by these
cautionary statements. You should evaluate all forward-looking
statements made in this press release in the context of the risks
and uncertainties disclosed in our SEC filings, including our most
recent Annual Report on Form 10-K filed with the SEC on March 23,
2023. These filings are available online at www.sec.gov or
www.prioritycommerce.com.
We caution you that the important factors referenced above may
not contain all of the factors that are important to you. In
addition, we cannot assure you that we will realize the results or
developments we expect or anticipate or, even if substantially
realized, that they will result in the consequences we anticipate
or affect us or our operations in the way we expect. You are
cautioned not to place undue reliance on forward-looking statements
as a predictor of future performance. The forward-looking
statements included in this press release are made only as of the
date hereof. We undertake no obligation to publicly update or
revise any forward-looking statement as a result of new
information, future events or otherwise, except as otherwise
required by law. If we do update one or more forward-looking
statements, no inference should be made that we will make
additional updates with respect to those or other forward-looking
statements. We qualify all of our forward-looking statements by
these cautionary statements.
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Dave Faupel Chief Marketing Officer Priority
Dave.Faupel@prth.com
Priority Technology (NASDAQ:PRTH)
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