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Last Updated : Mar 27, 2019 07:28 PM IST | Source: Moneycontrol.com

Yapstone and Priority announce payments operating partnership

The partnership aligns perfectly with the companies’ integrated payment solutions strategy

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Representative image
Representative image

Payment solution providers Yapstone and Priority Technology announced that they have entered into a real estate payments operating partnership within Priority Real Estate Technology, 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 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.
First Published on Mar 27, 2019 07:28 pm
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