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Priority Technology Holdings Inc. announced within a two-day span a processor acquisition and a deal to process ticket payments for the Tampa Bay Buccaneers of the National Football League.
The Alpharetta, Ga.-based processor said early Wednesday it has agreed to acquire Convenient Payments, which does business as IntelliPay, a privately held payment processor based in Draper, Utah, through a membership purchase agreement. IntelliPay, focuses on the government, health-care, and education sectors of the economy. The purchase price consists of $11.5 million plus another $3.5 million in earn-out payments over eight quarters following the close, according to Priority’s filing with the Securities and Exchange Commission
The deal follows by a day Priority’s agreement to process ticket sales for the Buccaneers. Under the agreement, Priority will have marketing rights that include branding in the stadium, participation in certain business events held by the team, and hospitality offerings, according to Priority’s announcement.
“As sports organizations’ operations grow more complex, commerce solutions that unify payments and treasury visibility are essential,” Tom Priore, Priority’s chief executive, said in a statement. “Our partnership with the Buccaneers reflects Priority Commerce’s deepening expertise and expanding footprint across professional and collegiate sports.”
The latest acquisition and the Buccaneers ticketing deal follow Priority’s June-quarter results, which showed a 9% increase in revenue year-over-year, to $62.3 million, with an 8% jump in adjusted gross profit, to $99.9 million. For the twelve months through June, the company reported $151 billion in payment volume, up 8% from the same period last year.
