Priority Commerce Buys IntelliPay for $11.5M, Adds Government Payments
PRTH sits 24% above its 52-week low of $4.44.
Summary
Priority Commerce, a subsidiary of Priority Technology Holdings, acquired IntelliPay for $11.5 million plus up to $3.5 million in earnouts. The deal launches a government payment vertical, expanding the company's reach into a new market. This follows the Q2 earnings beat on August 6, where revenue grew 9.4% to $262.3 million. The acquisition is modest relative to the company's size but strategically adds a new revenue stream. Watch for integration progress and any additional details on the earnout structure.
At the time of this announcement, PRTH was trading at $5.52 on NASDAQ in the Technology sector, with a market capitalization of approximately $463.3M. The 52-week trading range was $4.44 to $8.59. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.