Priority Technology Holdings, Inc. Has Entered Into Stalking Horse Agreement with Plastiq, Inc.
24 Maio 2023 - 12:30PM
Business Wire
Plastiq’s bill pay and instant working capital
access platform would enhance Priority’s B2B embedded finance
solutions
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 entered
into a definitive agreement (“the Purchase Agreement”) as the
stalking horse bidder to acquire substantially all of the assets of
Plastiq, Inc and certain of its affiliates in its Chapter 11
Restructuring (the “Transaction”). The Purchase Agreement is
subject to Bankruptcy Court approval.
Plastiq, Inc., is a B2B payments platform that offers bill pay
and instant access to working capital to small and midsize
businesses. “The synergies between our respective B2B payment
assets will help business owners optimize their cash flow and
working capital strategies,” said Thomas Priore, Chairman and CEO
of Priority. “Our decision to enter into this agreement was simple.
Strategically speaking, Plastiq’s buyer-driven B2B product suite is
a natural complement to our CPX Automated Payables offering, and
the company has an extremely talented team with a mindset that will
fit naturally into the collaborative and execution-oriented culture
at Priority. Since we are already partners for payment processing,
we are well positioned to help support the restructuring and
Plastiq’s customers as the company emerges stronger from the
process.”
“We are excited that Priority believes in Plastiq’s business and
the potential for the future of Plastiq, Powered by Priority. We
know it can be a great fit for our customers and employees as we
drive our operation forward,” said Eliot Buchanan, CEO of Plastiq.
“As a leader in B2B and Enterprise payments, Priority’s Passport
financial tool set already has the resources to advance our
offering and we are encouraged by the potential to deliver
Plastiq’s solutions to Priority’s over 250 thousand merchants and
distribution partners within its SMB acquiring division.”
The existing partnership and potential to acquire the assets of
Plastiq through the restructuring process is just one more example
of the unique capabilities of Priority and our Passport payments
and banking operating engine,” continued Priore. “We will quickly
help Plastiq optimize and scale operations, immediately increase
distribution channels, and provide complimentary B2B resources and
strategic vision to drive their success and our investors’ long
term enterprise value. Just as we have done in the past, acquiring
under-optimized payment assets like Cynergy Data and Rent
Payments.com and making them high performers, we are confident that
the combined vision we have with Plastiq’s employees and founders
will create exceptional value.”
Additional Information
Plastiq filed voluntary petitions for relief under Chapter 11 of
Title 11 the U.S. Code in the Bankruptcy Court on May 24, 2023. The
Purchase Agreement is subject to certain customary closing
conditions, including certain orders being entered by the
Bankruptcy Court. The Purchase Agreement is also subject to higher
and better offers Plastiq may receive during the auction
process.
About Priority Technology Holdings, Inc.
Priority is a payments technology company that leverages a
purpose-built platform to enable clients to collect, store and send
money, operating at scale. Priority helps its customers take and
make payments while managing business and consumer operating
accounts to monetize payment networks. Priority’s tailored, agile
technology powers high-value payments products bolstered by
industry-leading personalized support, and delivers value to its
partners by leveraging its payments and embedded finance technology
to deliver solutions that power modern commerce. The Company’s
approach is simple – Priority handles the complexities of payments
and embedded finance to free its partners to focus on their core
business objectives. Priority’s solutions are offered via API or
proprietary applications with nationwide money transmission
licenses, providing end-to-end operational support including
automated risk management and underwriting, full 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 for
SMBs. 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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version on businesswire.com: https://www.businesswire.com/news/home/20230524005668/en/
Dave Faupel Chief Marketing Officer Priority
Dave.faupel@prth.com
Priority Technology (NASDAQ:PRTH)
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