Priority Technology Holdings plans to acquire Plastiq, which filed for chapter 11 bankruptcy protection yesterday, pymnts.com reported. Priority has entered into a definitive agreement to acquire most of the assets of Plastiq and certain of its affiliates, subject to bankruptcy court approval and any higher and better offers Plastiq may receive during the auction process, the companies said in a Wednesday press release. The acquisition would enhance Priority’s B2B embedded finance solutions by adding Plastiq’s bill pay and instant working capital access platform, which serves small and medium-sized businesses (SMBs), according to the release. The two companies are already partners for payment processing, so Priority is well positioned to support Plastiq’s restructuring, serve its customers, and help it scale and optimize its operations, Priore said in the release. Priore added that Priority has done so in the past with its acquisitions of Cynergy Data and Rent Payments.com.
