Press release
Priority Technology Holdings, Inc. Has Entered Into Stalking Horse Agreement with Plastiq, Inc.
Plastiq’s bill pay and instant working capital access platform would enhance Priority’s B2B embedded finance solutions ALPHARETTA, Ga.--(BUSINESS WIRE)--
About this update from Priority Technology Holdings, Inc.
[{"type":"text","content":"\nPlastiq’s bill pay and instant working capital access platform would enhance Priority’s B2B embedded finance solutions\n\n\n ALPHARETTA, Ga.--(BUSINESS WIRE)--\nPriority 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.\n\n\nPlastiq, 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.”\n\n\n“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.”\n\n\nThe 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 ...