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Priority Tech buys IntelliPay for up to $15M

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Priority Tech buys IntelliPay for up to $15M

The payments company is gaining a new government payments business with its deal for Utah-based IntelliPay.

IntelliPay, based in Draper, Utah, makes software for government agencies, schools and other organizations to accept and manage card and ACH payments, along with billing. It was owned by The Beekman Group, a New York private equity firm, a Priority Tech spokesperson said in an email.

IntelliPay and Priority Technology have been prior business partners, according to the release.

Priority Technology provides payments and banking software to corporate and merchant clients for collecting, storing, lending and sending money in their financial operations.

In November, Priore sought to acquire the Alpharetta, Georgia-based company he leads, for $6 to $6.15 per share, which valued Priority Technology at $510 million to $520 million. Two shareholders opposed the deal, which has not moved forward.

Priore co-founded Priority Technology in 2005. The company’s shares have declined 33% over the past year, trading Wednesday at $5.63.

“Together, we'll be able to bring our solutions to more customers while continuing to serve the public sector with the reliability and integration capabilities our clients expect,” IntelliPay CEO Casey Leloux said in the press release.

IntelliPay, which was founded in 2004, serves as an independent sales organization for Citizens Bank and Synovus Bank, according to its website. IntelliPay clients include Alameda County, California and Tooele County, Utah.



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