Priority Payment Systems Goes Public
A version of this article was first published to NJBIA.
Going Public Has Kicked Off an Expansion Initiative for Super ISO Priority Payments Local
Red Bank, NJ| Big things are happening at Priority Payments first with Priority Payment Systems going public in July and now with Priority Payment Systems Local™ rapidly expanding to double the size of its sales and support teams within the new year.
Priority Holdings, LLC (“Priority” or the “Company”), a leading provider of B2C and B2B payment processing solutions, and M I Acquisitions, Inc. (NASDAQ: MACQU, MACQ, MACQW; “M I”), a Magna-sponsored special purpose acquisition company, announced that they have completed their previously announced business combination. The business combination was approved at a special meeting of M I stockholders on July 19, 2018. Over 99% of the shares voted at the M I special meeting voted in favor of the transaction with Priority, and approximately 99.9% of the cash remaining in M I’s Trust Account following the June 19, 2018 extension remained in trust and available to the Company at closing1. In connection with the transaction, the combined company was renamed Priority Technology Holdings, Inc., and its common stock, units and warrants trade on NASDAQ under the symbols “PRTH”, “PRTHU”, and “PRTHW” as of July 27, 2018. Becoming a public company via the transaction is a fundamental element in Priority’s growth strategy.
Super ISO (independent sales office), Priority Payments Local, that’s headquartered in Red Bank, New Jersey has been a crucial part of the company’s success and is gearing up for its biggest expansion since inception in 2013.
“Exciting things happen to great companies. Executing a public offering within the Priority Payment Systems organization provides a key element to Priority’s future growth strategy. In a world of ever-changing technology, Priority is dedicated to scalable growth which now allows Priority to deliver a value-added suite of payment and business solutions,” says Angelo Mendola, President and Chief Operating Officer of Priority Payment Systems Local™.
“By Priority establishing a public currency, customers and partners will benefit from our ability to target payment enabled software and major opportunities. The commitment from Priority to this strategy is geared to drive returns for incoming investors along with taking our service and product offering to the top level,” he adds.
Due to the demand for reliable and reputable merchant service providers specifically in New Jersey and New York, Priority Payments Local recently took over the second floor of its building at 172 Monmouth Street. Within the first few months of 2019, Priority plans to double the size of its sales and support teams.
“The increase in staff will ensure our existing merchants and all new merchants continue to get the excellent customer service that they have come to know and depend on,” adds Mendola.
Interviews are currently being held and anyone who has sales or customer service and operations experience is encouraged to send a letter of intent and resume to HR@pplocal.com.
“The heart and soul of any company is creativity and innovation. What we provide in many cases makes a huge difference on our merchants’ bottom line,” says Sal DiDonato, Chief Executive Officer of Priority Payments Local. “It’s not about being better than the competition – it’s about being different. You need to give a merchant a reason to choose your business and here at Priority we accomplish exactly that!”
Priority Payment Systems Highlights
- Founded in 2005, Priority is a leading provider of consumer and commercial payment solutions, processing over $39 billion of electronic payments in 2017
- Since 2015, Priority has grown pro forma net revenue at a 14% compound annual growth rate
- Currently, Priority is the 6th largest non-bank merchant acquirer in the United States.2
- Differentiated through purpose-built technology, including:
- MX platform for B2C payments provides merchants a fully customizable suite of business management solutions
- CPX platform for B2B payments, including CPX Gateway, provides businesses a complete suite of AP automation and electronic payment options to digitize commercial payments
- Recurring, transaction-based revenue
- Attractive track record, with multiple avenues for future growth:
- Organic: inherent growth of B2C and B2B electronic payments growth; new clients; new products and services
- Accretive acquisitions