Priority completes acquisition of Plastiq
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.
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“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.