Transaction and Payment Processing Bi-Weekly Industry Events & M&A Update — September 11–25, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

FINANCIALS › FINANCIAL SERVICES › TRANSACTION AND PAYMENT PROCESSING

Ownership Changes Hands as the Public Market Marks Payments Lower

This update covers movers, company announcements and transaction activity in Transaction and Payment Processing for September 11–25, 2026.

September 11–25, 2026

Prepared by NeuraCap AI · Confidential

Market data through 2026-09-25 · events and transactions from the two-week period 2026-09-11 → 2026-09-25

Transaction and Payment Processing Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice

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1. 01
   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

   FINANCIALS › FINANCIAL SERVICES › TRANSACTION AND PAYMENT PROCESSING

   This is the cover for the September 11–25, 2026 bi-weekly update on Transaction and Payment Processing.

   This bi-weekly update covers what changed, who moved, what transacted and what it means for Transaction and Payment Processing over September 11–25, 2026. We'll walk through the market moves, the period's key announcements and the one ownership change that defined the two weeks.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE FINANCIALS › FINANCIAL SERVICES › TRANSACTION AND PAYMENT PROCESSING Ownership Changes Hands as the Public Market Marks Payments Lower This update covers movers, company announcements and transaction activity in Transaction and Payment Processing for September 11–25, 2026. September 11–25, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-25 · events and transactions from the two-week period 2026-09-11 → 2026-09-25 Transaction and Payment Processing Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   A Take-Private Lands While Almost the Whole Group Trades Lower

   This slide summarizes the two-week period: the sector traded lower as a group while one name agreed to a take-private transaction.

   Twenty-two of the 26 names we cover fell over the period, with a median move of -3.5% against a +1.1% gain for the S&P 500, so the pressure sat squarely on the sector. The one name that moved against that grain was Priority Technology Holdings, Inc. (PRTH), up +31.1% for the period and +33.8% on the day it announced a definitive take-private agreement. Declines reached across every tier, from PAR Technology Corporation to PagSeguro Digital Ltd., which tells us this was a broad repricing, not an isolated story. No new transactions were announced, so the deal reference set holds at 40 trailing transactions and a median of 8.8x EV/EBITDA — meaning the two weeks were about ownership and price discipline, not fresh deal evidence.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE A Take-Private Lands While Almost the Whole Group Trades Lower The two-week period in one page · 26 covered names, close-to-close · September 11–25, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-25. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Transaction and Payment Processing Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 2 1 The Group Gave Ground While the Broad Market Rose 22 of 26 covered names fell; the median move was -3.5%. The S&P 500 returned +1.1% over the same window, so the pressure sat on the sector rather than on the market. 2 A Buyer Set the Price Where the Market Would Not Priority Technology Holdings, Inc. (PRTH), a Core-tier name, returned +31.1% and moved +33.8% on Sep 21, the day it announced a definitive agreement for an investor group led by Chairman and CEO Thomas Priore to take the company private. 3 The Declines Reached Across Every Tier PAR Technology Corporation (PAR) fell -22.6% and Paymentus Holdings, Inc. (PAY) fell -14.9%, both Premium-tier names, while Shift4 Payments, Inc. (FOUR) fell -15.3% and PagSeguro Digital Ltd. (PAGS) fell -10.9% from the Discount and cross-border end. 4 No New Transaction Evidence Arrived This Period No material sector transactions were announced during the period. The reference set stays where it was: 40 trailing transactions at a median of 8.8x EV / EBITDA. +31.1% Best mover — Priority Technology Holdings, Inc. (PRTH) worst: PAR -22.6% · 4 up / 22 down of 26 covered -3.5% Sector median two-week return vs S&P 500 +1.1% 2 Company filings in the window 8-K events read for driver attribution

3. 03
   PUBLIC MARKET MOVERS

   One Name Got Its Price; The Rest of the Group Gave Ground

   This slide ranks the period's public-market movers, led by Priority Technology Holdings' take-private premium against broad sector declines.

   Priority Technology Holdings, Inc. (PRTH) set the period's headline move, returning +31.1% and moving +33.8% on September 21, the day it announced a definitive agreement to go private. Against that, the group's median move was -3.5% while the S&P 500 returned +1.1%, and the materiality bar we use is 6.8% sector-relative, so most of the declines we show cleared that bar. PAR Technology Corporation fell -22.6% and Paymentus Holdings, Inc. fell -14.9%, both from the Premium tier, while Shift4 Payments, Inc. fell -15.3% and PagSeguro Digital Ltd. fell -10.9%. The spread tells us the sell-off reached every tier of the group, so tier alone did not protect any name this period.

   Everything on this page

   PUBLIC MARKET MOVERS One Name Got Its Price; The Rest of the Group Gave Ground Bi-Weekly moves, close-to-close · September 11–25, 2026 · sector median -3.5% · S&P 500 +1.1% · materiality bar ±6.8% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-25. Attribution links each move only to filings and headlines recorded in the window; where no driver is recorded, the page says so. Calibrated language throughout — NeuraCap reads, not asserted causation. Transaction and Payment Processing Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median -3.5% Priority Technology Holdings, Inc. (PRTH) +31.1% Shares moved following the Sep 21 announcement of a definitive agreement for an investor group led by Chairman and CEO Thomas Priore to take the company private. The stock's biggest day was +33.8% on Sep 21, inside a +31.1% period return. Where public coverage is thin, a Core-tier platform can find its price from a buyer rather than from the market. COMPANY-SPECIFIC PAR Technology Corporation (PAR) -22.6% No notable in-window news was identified that clearly explains the move. At -22.6%, it was the widest decline in the covered set against a median move of -3.5%. Premium-tier multiples leave the least room for doubt when the whole group trades lower. UNEXPLAINED Shift4 Payments, Inc. (FOUR) -15.3% No notable in-window news was identified that clearly explains the move. The -15.3% return sat well below the covered-set median of -3.5%. Discount-tier names travel furthest on sentiment; durable take rate is what steadies them. UNEXPLAINED Paymentus Holdings, Inc. (PAY) -14.9% No notable in-window news was identified that clearly explains the move. The -14.9% return was one of the deepest in the set against a median of -3.5%. Bill payment platforms are underwritten on take rate durability and attach, not on one period of price action. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   What Companies Did: New Logos, Cross-Border Partnerships and Compliance Build-Out

   This slide lists the two-week period's highest-impact company announcements across new customer wins, cross-border partnerships and compliance build-out.

   The period's announcements point to where operators are building value: new customer wins, cross-border program partnerships and stronger compliance and screening infrastructure for merchant boarding. Each event on this page links back to the filing or article it came from, so the evidence is traceable rather than asserted. These are the operating moves companies chose to make while the broader market priced the sector down, so they matter as a read on where management teams see durable demand. We treat the "why it matters" lines as our read of the evidence, not as guaranteed outcomes.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS What Companies Did: New Logos, Cross-Border Partnerships and Compliance Build-Out The two-week period's highest-impact events · titles link to the underlying filing or article · September 11–25, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-25. "Why it matters" lines are NeuraCap reads; each event links to its source. Sources are admitted in a fixed reliability order (SEC filings, press releases, established outlets); video and social platforms are never used. Transaction and Payment Processing Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 15 · NEWS · Business Wire PAR Technology Corporation (PAR) signed a new retail customer onto its PAR Retail guest engagement platform Retail wins outside the restaurant base are how PAR Technology builds revenue per customer and value-added services attach. It is the kind of contracted relationship buyers pay for in this sector. Distribution you own inside a customer's workflow is worth more than distribution you rent. Sep 15 · NEWS · Business Wire Mastercard Incorporated (MA) published research on how U.S. small businesses are setting growth priorities Small and mid-sized merchants are the volume base for most of this sector. Mastercard putting a read on their planning behaviour speaks to where acceptance and spend growth come from next. Merchant demand signals matter as much as pricing when forecasting same-store volume growth. Sep 14 · 8-K · SEC EDGAR Lesaka Technologies, Inc. (LSAK) set new CFO pay terms and fiscal 2027 cash incentive awards for four senior Locking in senior finance and operating leadership on a fiscal 2027 incentive frame signals a company planning to execute rather than pause. Retention of this layer matters where integration work is ongoing. Leadership continuity is part of how a buyer underwrites an acquisition-heavy platform. Sep 14 · NEWS · Accesswire Mastercard Incorporated (MA) agreed a partnership to expand a cross-border card program Cross-border corridors and scheme participation are among the hardest assets to replicate in this sector. Each new program partner extends the network's reach without the network carrying the local build. Licensed, locally connected rails keep pulling strategic partners toward the network end of the chain. Sep 14 · NEWS · Business Wire Dlocal Limited (DLO) added an AI-driven partner for anti-money laundering Compliance capability is a gating condition for cross-border growth, not an overhead line. Strengthening screening and monitoring supports merchant boarding across a wide regulatory footprint. Compliance depth is becoming part of the moat for cross-border payment platforms. Sep 16 · NEWS · Business Wire ACI Worldwide, Inc. (ACIW) released consumer research on trust in AI-led shopping and agentic commerce Only 7% of the fashion shoppers surveyed said they trust AI to buy for them today, which sets a realistic pace for agentic commerce volume. Approval rates and consumer trust will pace agentic commerce more than the technology will.

5. 05
   M&A & STRATEGIC ACTIVITY

   No New Transaction Evidence, but a Listed Platform Agreed to Change Hands

   This slide shows no new M&A was announced in the period, but flags Priority Technology Holdings' agreement to go private against the standing precedent set.

   No new transactions were announced during September 11–25, 2026, so the precedent set we compare against remains 40 recorded deals at a median of 8.8x EV/LTM EBITDA. The one ownership event of note was Priority Technology Holdings, Inc. agreeing to a definitive take-private transaction, which is a public-market event rather than a new entry to the transaction set. We hold the line on not re-presenting older deals as current news, so this page stays quiet on multiples until fresh evidence arrives. For now, 8.8x remains the reference point for anyone pricing a deal in this space.

   Everything on this page

   M&A & STRATEGIC ACTIVITY No New Transaction Evidence, but a Listed Platform Agreed to Change Hands September 11–25, 2026 · precedent transactions: 40 recorded deals · median 8.8x EV/LTM EBITDA Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-25. Deal multiples are LTM at announcement where disclosed; "why the deal happened" is a NeuraCap read of the recorded evidence. No old transactions are re-presented as news. Transaction and Payment Processing Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 5 No Material Transactions Announced No material sector transactions were announced during the period. The period's clearest ownership signal came instead from Priority Technology Holdings, Inc. (PRTH), where an investor group led by Chairman and CEO Thomas Priore agreed to take the company private. A quiet two-week period is information: buyer appetite, financing conditions and seller expectations all read through a period with no new deals. The precedent transactions alongside still frame what buyers have paid. 40 Recorded precedent transactions the reference set buyers and sellers price against 8.8x Precedent median EV/LTM EBITDA LTM at announcement, where disclosed

6. 06
   WHAT IT MEANS

   What This Two-Week Period Changes for Operators, Buyers and Advisors

   This slide translates the period's evidence into implications for operators, acquirers and advisors.

   For operators, the period's operating announcements — new logos, cross-border partnerships, stronger merchant screening — carried more signal than price action, since the group traded lower as a whole. For acquirers, the reference set is unchanged at 40 trailing transactions and a median of 8.8x EV/EBITDA, and Priority Technology Holdings' move to go private shows a buyer setting a price the public market would not. For advisors, tiering still matters more than a single sector number: on a CY2027E basis the Premium tier prices at a 13.5x median against 3.4x at the Discount end, around a 6.9x sector median. So what this means is that any conversation about value in this space has to start with who owns the merchant relationship, then work down to multiple.

   Everything on this page

   WHAT IT MEANS What This Two-Week Period Changes for Operators, Buyers and Advisors The two-week period translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-25. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Transaction and Payment Processing Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-25 EV / EBITDA (CY2027E) median 6.9x 27 companies in the study 3 valuation tiers Standing thesis: Transaction and Payment Processing Splits Into Infrastructure, Merchant Services, Card Issuing and Embedded Software FOR OWNERS & OPERATORS Operating Evidence Carried the Period, Not Price Action Companies in the space traded lower as a group, and the period's announcements point to where value is built: new customer wins, cross-border program partners and stronger screening for merchant boarding. FOR ACQUIRERS The Reference Set Is Unchanged; One Listed Platform Agreed to Go Private With no material transactions announced, pricing evidence still rests on the 40 trailing transactions at a median of 8.8x EV / EBITDA. The Priority Technology Holdings, Inc. FOR ADVISORS Lead with Who Owns the Merchant, Then with Revenue Quality The period supports the standing view that one sector number will not price a payments business: on a CY2027E EV / EBITDA basis the Premium tier's median is 13.5x against 3.4x at the Discount end, around a sector median of 6.9x.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   This slide explains the sources and methodology behind every figure and claim in the update.

   Every figure in this update links back to the record it was drawn from — SEC filings, consensus estimates and market prices — so nothing here rests on an unlinked assertion. We separate observed fact from our own read: price moves and deal terms are recorded evidence, while "why it matters" and "why the deal happened" are calibrated NeuraCap interpretation. This structure is what lets you trust the headline numbers on the earlier pages and still know where judgment enters the picture. That transparency is the basis for using this update in your own decision-making.

   Everything on this page

   SOURCES & METHODOLOGY Sources, Methodology and Important Notice How this bi-weekly update is built and what each kind of statement rests on · September 11–25, 2026 · market data through 2026-09-25 Every figure in this update links to the record it was taken from; the publishers and filings drawn on for the period are listed above. Transaction and Payment Processing Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice 7 OBSERVED DATA Bi-Weekly stock moves are computed close-to-close over the stated window from the platform’s price series. Deal records, values and multiples come from the platform’s transaction record (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates come from the platform’s Treasury series and are shown only when the 10-year moved at least ten basis points over the window (it did not in this window, so no rate figures appear). UNIVERSE QUALITY The update universe is the platform’s approved company set for this sector, subject to a $100M market-cap floor so small, loosely related names cannot dominate the statistics. 1 name below the floor was excluded from movers and statistics for this window. EVENTS & NEWS Company events are in-window 8-K filings; news items are publisher-sourced headlines fetched for the window (and any externally supplied items, marked as such). Operational and strategic developments (deals, partnerships, launches, expansion, guidance, leadership, regulatory outcomes) are shown first; capital-return mechanics and conference appearances are limited to one each. Every event links to its source. The deck never asserts an event that has no linked record. SOURCE HIERARCHY News is admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then transaction documents, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron’s and peers). Video and social platforms — including YouTube — are never used as sources. DRIVER ATTRIBUTION A stock move is linked to an event only when the event falls inside the window, and only in calibrated language ("the move appears to reflect…", "shares moved following…"). Where no driver is recorded, the page says so and compares the move to the sector median instead. ANALYTICAL INTERPRETATION "Why it matters", "why the deal happened" and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, and are labeled as such. INHERITED CONTEXT The standing sector view (thesis, valuation lens, sector median and tiering) is inherited from the NeuraCap sector study run_20260925T163256Z_603_prod (market data as of 2026-09-25) — distilled, never re-derived. That report’s own sources page governs its content; this update reads the period against it. IMPORTANT NOTICE This report is informational only. It is not investment advice, not a recommendation to buy or sell any security, and not an offer of any kind. Readers should perform their own diligence before acting on anything described here. Linked sources this two-week period: businesswire.com · sec.gov · accessnewswire.com · prnewswire.com · globenewswire.com