Under agreement, Priority to continue providing payment infrastructure and processing
ALPHARETTA, Ga. & SOLON, Ohio--(BUSINESS WIRE)-- MRI Software (“MRI”), a global leader in real estate software solutions, and Priority Technology Holdings, Inc. (NASDAQ:PRTH) (“Priority”), a leading provider of merchant acquiring, integrated payment software and commercial payment solutions, have entered into a strategic agreement in real estate payments. Under the terms of the agreement, MRI will acquire Priority’s RentPayment business, which is comprised of the RentPayment.com™, StorageRentPayment.com™ and DuesPayment.com™ real estate payment brands. Going forward, Priority will provide ongoing payment infrastructure as a service and processing to the new platform at MRI.
“The convenience and continuity of accepting multiple payment options has never been more essential to the residential real estate sector than in the current global health environment,” said Patrick Ghilani, Chief Executive Officer of MRI Software. “With this acquisition and partnership with Priority, MRI significantly expands our existing payments solution and scale and further improves both the resident and property manager experience provided by our platform. Additionally, we will now expedite the availability of our online payments solution to include both residential and commercial client offerings in all regions we serve, including Europe, Africa and Asia Pacific.”
Founded in 1999, the RentPayment business pioneered real estate payments with the industry’s first comprehensive payment platform for consumer rent. Today, the RentPayment platform serves some 2,900 clients across the U.S. multi-family, single-family, storage and HOA markets. The RentPayment, DuesPayment, and StorageRentPayment brands provide a feature rich suite of payment solutions, including resident rent payments and security deposits via web and mobile to landlords and property managers.
Existing clients of the RentPayment platform will continue to receive uninterrupted service led by Copley Broer and Jamey Rosamond, who helped build the platform within Priority. MRI remains committed to providing and supporting payments solutions for all organizations, regardless of their property management software. Similarly, MRI remains committed to providing choice and flexibility for its clients through an open and connected ecosystem that includes multiple payments partners. The transaction is expected to close in the third quarter of 2020 and is subject to customary regulatory approval.
“We’re extremely excited about entering into the transaction and burgeoning partnership with MRI,” said Tom Priore, Chairman and Chief Executive Officer of Priority. “This transaction will enable the RentPayment business to accelerate its investment in renter engagement at MRI and importantly maintain operational continuity with Priority as we continue to provide payment operations to the enterprise,” Priore added. “Notably, our relationship with MRI positions Priority to assist in the future growth of MRI’s payments platform. We’re thrilled to partner with an exceptional organization in MRI with its market leading technology platform and its key stakeholders.”
Software Equity Group was Priority’s exclusive advisor and Maynard Cooper & Gale served as Priority’s legal counsel on the transaction.