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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) is set to unveil its innovative MX POS solutions at the ETA Transact 2023 event in Atlanta, taking place from April 24-26. The MX POS is a cloud-based, customizable solution designed for businesses, offering enhanced cash flow, analytics, and operational support. It integrates with leading delivery services like DoorDash and Uber Eats, as well as accounting tools like QuickBooks. The system targets restaurants, retail, and various merchants, aiming to streamline payment processes and boost average sales. Priority's CEO, Thomas Priore, emphasized the importance of supporting small to medium-sized businesses in the current economic landscape. Attendees can experience a demo at booth #1725 or request information online.
Priority Technology Holdings, Inc. (NASDAQ: PRTH) reported strong financial results for Q4 and full year 2022, highlighting a 23.3% year-over-year revenue increase to $177.6 million, and a 25.3% rise in adjusted gross profit to $61.0 million. For the full year, revenue reached $663.6 million, a 28.9% increase, with adjusted gross profit rising by 46.4% to $226.9 million. The adjusted gross profit margin improved to 34.2%. The company forecasts 2023 revenue between $740 million and $755 million, reflecting 12% to 14% growth, and adjusted EBITDA between $160 million and $165 million, indicating a 14% to 18% growth rate. CEO Tom Priore emphasized the company's resilience in challenging economic conditions.
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