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Priority Technology Holdings, Inc. (NASDAQ: PRTH) is a prominent provider of merchant acquiring and commercial payment solutions in the United States. The company operates through three main segments: Consumer Payments, Commercial Payments, and Integrated Partners. These segments work in unison to offer a comprehensive suite of services tailored to meet the diverse needs of small and medium-sized businesses (SMBs) as well as large enterprises.
The company's flagship offerings include the MX Product Suite and CPX Platform. The MX Product Suite encompasses solutions such as MX ISO/Agent and Vimas Reseller Technology Systems, along with MX Merchant Products. These tools provide resellers and merchant clients with customizable business applications that enhance operational efficiency and revenue performance management.
In the commercial payments arena, Priority Technology Holdings offers the CPX Platform, a turnkey solution designed to streamline the accounts payable (AP) process. The platform includes CPX Access, CPX Gateway, CPX Commercial Acceptance, and CPX Payments Solutions, all of which aim to automate vendor payments and improve financial rebates for businesses.
Additionally, the company provides a range of managed services and integrated automated payment solutions to financial institutions and card networks. These services are complemented by payment-adjacent technologies that facilitate transaction processing and financial management.
Priority Technology Holdings is noted for its innovative approach to payment solutions, leveraging its proprietary software platform to deliver full-service acquiring and payment solutions for B2C transactions through its SMB Payments segment. The company also offers AP automation solutions via its B2B Payments segment, catering to corporations, software partners, and industry financial institutions (FIs). The Enterprise Payments segment focuses on embedded payment and treasury solutions that help modernize legacy platforms and support software partners' strategies to monetize payments.
The company continues to advance its offerings to meet the evolving needs of the market, positioning itself as a leader in the payment solutions industry.
Priority Technology Holdings (NASDAQ: PRTH) announced the planned retirement of co-founder John V. Priore from the board of directors, effective April 1, 2025. Simultaneously, Clayton Main has been appointed to join the board on the same date.
John Priore, who helped establish Priority in 2005, will step down after contributing to the company's evolution from a startup to a public company. Clayton Main, bringing over 20 years of experience in leveraged financing and structured equity investments, will serve on the board's audit, compensation, and nominating and governance committees.
Main's background includes roles as partner and Investment Committee member at Bregal Sagemount and founding member of the Goldman Sachs Specialty Lending Group. He was also one of Priority's initial lenders and graduated magna cum laude from Southern Methodist University.
Priority Technology Holdings (NASDAQ: PRTH) has scheduled the release of its fourth quarter and full-year 2024 financial results for Thursday, March 6, 2025, before market open. The company will host a conference call and webcast at 11:00 a.m. Eastern Time on the same day, including a Q&A session.
Participants can join via phone using US/Canada number (833) 636-1319 or International number (412) 902-4286. The webcast and presentation slides will be accessible through the company's website. An audio replay will be available until March 13, 2025, accessible by dialing (877) 344-7529 or (412) 317-0088 with conference ID 2813602.
Priority Technology Holdings (NASDAQ: PRTH) has announced the acquisition of Rollfi, a company providing white-label payroll and benefits software solutions. The acquisition combines Priority's financial infrastructure with Rollfi's payroll and benefits technology, aimed at enabling financial service providers like banks, accountants, and vertical SaaS providers to integrate payroll and benefits services into their offerings.
The strategic move is designed to enhance Priority's ability to help customers optimize working capital and accelerate cashflow. Rollfi's founder, Kirubha Perumalsamy, emphasized that the merger will leverage Priority's embedded fintech infrastructure to expand their mission of delivering seamless payroll and benefits solutions.
Priority Technology Holdings (NASDAQ: PRTH) has announced the pricing of a secondary offering of 9,070,643 shares of common stock at $7.75 per share. The offering is being conducted by certain selling stockholders who have granted underwriters a 30-day option to purchase up to 1,360,596 additional shares at the public offering price.
The transaction is expected to close on January 17, 2025, with all net proceeds going to the selling stockholders. Priority will not receive any proceeds from this offering. The offering is led by joint book-running managers Keefe, Bruyette & Woods and TD Cowen, with B. Riley Securities as book-running manager and A.G.P./Alliance Global Partners and Lake Street as co-managers.
Priority Technology Holdings (NASDAQ: PRTH) has announced a secondary offering of 9,157,600 shares of common stock to be sold by certain selling stockholders. The underwriters will have a 30-day option to purchase an additional 1,373,639 shares from the selling stockholders.
The offering is being managed by joint lead book-running managers Keefe, Bruyette & Woods and TD Cowen, with B. Riley Securities as book-running manager and A.G.P./Alliance Global Partners and Lake Street as co-managers.
Priority will not sell any shares or receive any proceeds from this offering, as all proceeds will go to the selling stockholders. The offering is being made through an effective shelf registration statement on Form S-3 and is subject to market conditions.
Priority Technology Holdings (NASDAQ: PRTH) has filed a shelf registration statement on Form S-3 with the SEC for registration of common stock shares. Once effective, this registration will allow the company to offer and sell common stock on a registered basis in the U.S. for up to three years. The company views this move as enhancing financial flexibility to meet long-term strategic goals and improve capital markets liquidity, following the retirement of preferred shares. Specific terms of future offerings would be detailed in separate prospectus supplements.
Priority Technology Holdings (NASDAQ: PRTH) announced the complete redemption of its remaining preferred stock, totaling $113.3 million, including $2.6 million in accrued dividends. The redemption was funded through a $115 million increase to its existing term loan due May 2031. This follows the company's May 2024 establishment of an $835 million term loan and redemption of $170 million in preferred stock. The transaction is expected to increase net income available to common shareholders by $8.9 million annually, adding to the $22 million positive impact from May 2024 transactions. The company's Q3 2024 adjusted earnings per share would have been $0.10 compared to the reported $0.07 if the transaction had occurred earlier.
Priority Technology Holdings (NASDAQ: PRTH) reported strong Q3 2024 financial results with revenue increasing 20.1% to $227.0 million from $189.0 million in Q3 2023. Operating income grew 62.0% to $38.1 million, while Adjusted EBITDA rose 21.5% to $54.6 million. The company affirmed its full-year 2024 revenue guidance between $875-883 million, representing 16-17% growth, and increased Adjusted EBITDA forecast to $200-204 million, projecting 19-21% growth compared to 2023.
Priority Technology Holdings (NASDAQ: PRTH) has announced it will release its third quarter 2024 financial results on Thursday, November 7, 2024, before market open. The company will host a conference call and webcast at 11:00 a.m. Eastern Time, followed by a Q&A session. Priority operates as a unified commerce platform provider, serving over 1 million active customers across SMB, B2B, and Enterprise channels, processing $125 billion in annual transaction volume and administering over $1 billion in deposits.
Priority has announced a major update to its bill pay solution, Plastiq, making all features free for all businesses. The company has removed subscription tiers, allowing users to access all capabilities, including those previously reserved for premium plans, with only a transparent transaction fee per use. This change aims to empower businesses of all sizes to better manage their finances.
Plastiq offers a comprehensive suite of features, including:
- Paying any vendor with credit card, ACH transfer, or wire
- Streamlining bill payments with tools like invoice data capture and team workflows
- Accessing instant working capital
- Earning rewards on business purchases
Lauren Hearne, VP of Relationship Sales and Management for Plastiq at Priority, stated that this move reflects the company's commitment to providing businesses with essential tools for growth and financial management.
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