Payments company Priority reported 11.3% revenue growth in what is set to be its last earnings report before a $1.6 billion go-private deal.
Priority Commerce, a company that handles payments and banking tools for businesses, reported revenue of $268.6 million on Thursday, Nov. 5. That is up 11.3%. The report is set to be its last as a public company, because a deal to take it private is expected to close in the first half of 2027.
The prior quarter was also a good one. Revenue rose 9.2% to $262 million in the second quarter. Priority Technology Holdings, which owns Priority Commerce, agreed in September to be bought by a group led by its chairman and CEO, Thomas Priore. The deal is valued at $1.6 billion. When the group first made its proposal last November, Priore already held about 58% of the company's shares.
Priority describes its business as three parts: paying bills (payables), card processing for merchants, and banking and treasury services. It has also been moving into sports. It will process ticket payments for the Cincinnati Bengals and, since August, the Tampa Bay Buccaneers. It also works with Rally, a group serving Notre Dame athletes, on payments for name, image and likeness deals.
The material does not say whether customers will see any change in service, pricing or contracts after the company goes private. It also does not say how much financial information Priority will share once the deal closes. Business owners who use Priority for payments can watch for notices from the company as the deal moves forward.
Priority is growing, but after its go-private deal closes in 2027, its public earnings reports are set to end.
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