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Priority Technology Holdings, Inc. and Yapstone, Inc. Announce Operating Partnership to Build Market-leading Real Estate Payment EnterprisePriority 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 Priorty 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.
About Yapstone, Inc.
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