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Priority Technology Holdings, Inc. (NASDAQ:PRTH) ("Priority" or the "Company"), the payments and banking solution that streamlines collecting, storing, lending and sending money to unlock revenue opportunities, today announced the successful closing of the acquisition of certain assets of Boom Commerce ("Boom") and the closing of a new $50 million residual financing credit facility.
Priority acquired the revenue agreements and customer relationships of Boom, an existing reseller partner of Priority, in the transaction. Boom's leadership team of Sabin Burrell (CEO) and John Hynes (COO) will join Priority.
"Boom Commerce is a seamless addition to our direct sales channel. Their proven ability to attract enterprise customers and sell value added services is well positioned to advance our product sales initiative," said Tom Priore, Chairman and CEO of Priority. "We expect the acquisition of Boom to provide approximately $5 million of incremental revenue in 2025 while the adjusted EBITDA benefit will be almost $6 million given the reduction in cost of sales from lower third-party residuals."
Priority also secured a $50 million delayed draw term loan facility which will finance the purchase of eligible residual receivables and loan receivables, supporting Priority's continued expansion into alternative financing solutions.
"As we continue to optimize our capital structure, we are excited to work alongside Värde Partners to establish a new residual financing facility that will provide Priority with the flexibility to further support our ISO and ISV reseller base with incremental capital to help them accelerate their growth and make their portfolio worth more at Priority," said Tim O'Leary, Chief Financial Officer of Priority. "We believe the securitization style credit facility is unique for this asset class and a further testament to Priority's ability to remain at the forefront of the market as we continue to drive value for our partners and stakeholders."
Posted In: PRTH
