WALNUT CREEK, Calif., March 26, 2019 /PRNewswire/ -- Yapstone ("Yapstone" or the "Company"), a leading provider of online and mobile payment solutions for global marketplaces, software companies, platforms and merchants, and Priority Technology Holdings, Inc. ("Priority"), a leading provider of merchant acquiring and commercial payment solutions, today announced that they have entered into a real estate payments operating partnership within Priority Real Estate Technology ("PRET"), an operating subsidiary of Priority. The business that Yapstone is contributing represents less than ten percent of Yapstone's overall revenue.
Yapstone will continue to provide credit and debit card processing to PRET and 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. Additionally, Yapstone will maintain a significant minority stake in PRET and will serve on its board. Yapstone will continue to focus on providing superior payment solutions to marketplaces, software companies, platforms and merchants worldwide.
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.
Tom Villante, Chairman and CEO of Yapstone stated, "We're thrilled to partner with Priority 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 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."
Thomas C. Priore, Executive Chairman and CEO of Priority, added, "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."
About Yapstone, Inc.
Yapstone is a leading fintech company that delivers tailored payment technologies and manages risk for some of the world's largest marketplace platforms. Yapstone is among the largest private payment companies in the world and processes billions of dollars annually. It continues to be recognized by Inc., Forbes, and Entrepreneur Magazines for its explosive growth and has won numerous accolades for being a Best Place to Work. The company has raised over $120 million from investors including Accel Partners, Meritech Capital, Premji Invest, and MasterCard. Headquartered in Walnut Creek, CA, Yapstone has additional offices in Santa Monica, CA and Ireland.
About Priority Technology Holdings, Inc.
Priority is a leading provider of merchant acquiring and commercial payment solutions, offering unique product and service capabilities to its merchant network and distribution partners. Priority's enterprise operates from a purpose-built business platform that includes tailored customer service offerings and bespoke technology development, allowing the Company to provide end-to-end solutions for payment and payment-adjacent opportunities. Additional information can be found at www.PRTH.com.
SOURCE YapStone, Inc.