Priority Technology Holdings, Inc. and Yapstone, Inc. Announce Operating Partnership to Build Market-leading Real Estate Payment Enterprise
ALPHARETTA, Ga.--(BUSINESS WIRE)-- Priority Technology Holdings, Inc. (NASDAQ: PRTH) (“Priority” or the “Company”), a leading provider of merchant acquiring and commercial payment solutions, and Yapstone, a leading provider of online and mobile payment solutions for global marketplaces, today announced that they have entered into a real estate payments operating partnership within Priority Real Estate Technology (“PRET”), an operating subsidiary of Priority.
Priority will be the majority owner in the partnership and assume responsibility for the management and daily operation of the newly combined business. In addition to managing the new entity, Priority Real Estate Technology will provide critical operating infrastructure, marketing and sales support and real estate technology assets, including products and services derived from the previous acquisitions of RadPad and Landlord Station. Priority will fund the transaction through its recently amended Senior Secured Credit Facility.
Yapstone will continue to provide credit and debit card processing to the new entity, will contribute its leading real estate payment processing technology, as well as its extensive property management contracts and customer relationships in the rent, storage and dues markets. In addition, Yapstone will maintain a significant minority stake in the new entity and will serve on the board of Priority Real Estate Technology. On a standalone basis, Yapstone will continue to focus on serving global marketplaces, software companies, platforms and merchants with superior payment solutions. The business that Yapstone is contributing represents less than ten percent of Yapstone's overall revenue.
Thomas C. Priore, Executive Chairman and CEO of Priority, stated, “We are both excited and optimistic about joining forces with a market leader like Yapstone in the rapidly growing real estate payments industry. Building on our prior acquisitions of RadPad and Landlord Station, when combined with Yapstone’s market leading enterprise market offering PRET possesses a single platform that addresses the needs of all landlord constituents – from integrated enterprise property managers and middle market partners to small/local landlords – for rent, dues and storage payment processing. This partnership aligns perfectly with our integrated payment solutions strategy in a key industry vertical, and we expect it to be highly accretive for shareholders.”
Tom Villante, Chairman and CEO of Yapstone, added, “We’re thrilled to partner with Priority to jointly attack the multi-trillion-dollar global rentals market. Priority’s existing real estate businesses, strong distribution platform and product offerings fit perfectly with Yapstone’s brands, technology and market position we’ve built in these verticals over the past 20 years. The partnership with Priority allows Yapstone to better serve the global rentals market and at the same time, allows us on a standalone basis to focus on providing superior end-to-end payment solutions to a broader set of marketplaces, software companies, platforms and merchants worldwide.”
About Priority Technology Holdings, Inc.
Priority is a leading provider of merchant acquiring and commercial payment solutions, offering unique product and service capabilities to its merchant network and distribution partners. Priority’s enterprise operates from a purpose-built business platform that includes tailored customer service offerings and bespoke technology development, allowing the Company to provide end-to-end solutions for payment and payment-adjacent opportunities. Additional information can be found at www.PRTH.com.
About Yapstone, Inc.
Yapstone is a leading fintech company that delivers curated payment technologies and handles risk for some of the world’s largest marketplace platforms, including HomeAway®, VRBO ®, and Kigo Marketplace®. Yapstone processes many billions of dollars annually and continues to be recognized by Inc., Forbes, and Entrepreneur Magazines for its explosive growth. The company has raised over $120 million from investors including Premji Invest, Accel Partners, Meritech Capital and MasterCard. Headquartered in Walnut Creek, California, Yapstone has additional offices in Santa Monica, California and Ireland.
This press release contains forward-looking statements that are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected, expressed, or implied by such forward-looking statements. In some cases, you can identify forward-looking statements by use of words such as "may, will, should, anticipates, believes, expects, plans, future, intends, could, estimate, predict, projects, targeting, potential or contingent," the negative of these terms or other similar expressions. Our actual results could differ materially 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. These filings are available online at www.sec.gov or www.PRTH.com.
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Source: Priority Technology Holdings, Inc.
Released March 26, 2019