Transaction and Payment Processing Bi-Weekly Industry Events & M&A Update — September 14–28, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

FINANCIALS › FINANCIAL SERVICES › TRANSACTION AND PAYMENT PROCESSING

A Take-Private Sets the Mark as Public Quotes Slide

This update covers the two-week period of September 14–28, 2026 in transaction and payment processing: what moved, what companies announced, and what changed in the transaction record.

September 14–28, 2026

Prepared by NeuraCap AI · Confidential

Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28

Transaction and Payment Processing Bi-Weekly Update | September 14–28, 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

   Cover slide introducing the bi-weekly transaction and payment processing industry events and M&A update for September 14–28, 2026.

   This bi-weekly update covers the two weeks of September 14–28, 2026 in transaction and payment processing. We set up what moved, what companies announced, and what transacted so you can see the period in one page.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE FINANCIALS › FINANCIAL SERVICES › TRANSACTION AND PAYMENT PROCESSING A Take-Private Sets the Mark as Public Quotes Slide This update covers the two-week period of September 14–28, 2026 in transaction and payment processing: what moved, what companies announced, and what changed in the transaction record. September 14–28, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28 Transaction and Payment Processing Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   A Broad Markdown in Public Quotes, and One Agreed Buyout Led from Inside the Company

   Summarizes the period: a broad decline in public quotes across covered names alongside one agreed take-private transaction.

   Across the 26 names we track, the median move was -6.1% while the S&P 500 returned +0.8%, so the weakness sat with the sector rather than the broad market. The one exception was Priority Technology Holdings, which rose +29.3% after its chairman-led group agreed to take the company private. We read this as a period where public quotes reset even as one buyer group agreed a different mark. That gap between the sector's median and the one agreed deal is the story worth carrying into your next conversation.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE A Broad Markdown in Public Quotes, and One Agreed Buyout Led from Inside the Company The two-week period in one page · 26 covered names, close-to-close · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Transaction and Payment Processing Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 21 of 26 Covered Names Fell; The Median Move Was -6.1% The S&P 500 returned +0.8% over the two-week period, so the weakness sat with the sector rather than with the broad market. 2 Priority's Chairman Agreed to Take the Company Private Priority Technology Holdings, Inc. (PRTH) rose +29.3% over the two-week period, with +33.8% on Sep 21, the date the definitive agreement with an investor group led by Chairman and CEO Thomas Priore was announced. 3 Precedent Transactions Still Clear Above the Public Median The trailing record carries a median of 8.8x EV/EBITDA across 40 transactions, against a CY2027E sector median of 7.2x on NeuraCap's lens. The Premium tier medians 13.5x; the Discount tier sits at 4.6x. 4 Companies Spent the Period Selling Attach, Not Price The window's announcements were about owned distribution and value-added services: a retail software win at PAR Technology Corporation (PAR), a cross-border card programme with Mastercard Incorporated (MA), and added compliance capacity at Dlocal Limited (DLO). +29.3% Best mover — PRTH worst: PAR -24.6% · 4 up / 21 down of 26 covered -6.1% Sector median two-week return vs S&P 500 +0.8% 1 Transaction agreed in the two-week period from company announcements; not yet in the precedent record

3. 03
   PUBLIC MARKET MOVERS

   One Agreed Buyout, and a Broad Markdown Across Everything Else

   Shows the two-week price moves for covered names, highlighting the one buyout against a broad sector markdown.

   21 of 26 covered names fell over the two-week period, with a sector median of -6.1% against a materiality bar of 9.6%. Priority Technology Holdings stood apart, up +29.3%, including a +33.8% move on the day its take-private agreement was announced. We attribute each move only to filings and headlines recorded in the window, and say so plainly where no driver is on record. The contrast between one agreed deal and a broad markdown is what a buyer or seller should weigh first.

   Everything on this page

   PUBLIC MARKET MOVERS One Agreed Buyout, and a Broad Markdown Across Everything Else Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -6.1% · S&P 500 +0.8% · materiality bar ±9.6% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. 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 14–28, 2026 | Confidential | Not investment advice Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median -6.1% Priority Technology Holdings, Inc. (PRTH) +29.3% Shares moved following the Sep 21 definitive agreement for an investor group led by Chairman and CEO Thomas Priore to take Priority Technology Holdings, Inc. (PRTH) private. Its biggest day, +33.8%, was the announcement date. A Core-tier processor drew a buyer from inside: insider-led groups are still bidding for sub-scale listed platforms. COMPANY-SPECIFIC PAR Technology Corporation (PAR) -24.6% No notable in-window news was identified that clearly explains the move. At -24.6%, the move sat well below the -6.1% median for covered names. A Premium-tier name carries the most multiple to give back when the sector's quotes reset. UNEXPLAINED Paymentus Holdings, Inc. (PAY) -19.3% No notable in-window news was identified that clearly explains the move. At -19.3%, the move sat well below the -6.1% median for covered names. Premium-tier bill payment platforms are marked against volume growth and take-rate durability. UNEXPLAINED Shift4 Payments, Inc. (FOUR) -18.3% No notable in-window news was identified that clearly explains the move. At -18.3%, the move sat well below the -6.1% median for covered names. Discount-tier processors moved with the group; the market is testing retained spread, not headline volume. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   Attach, Corridors and Compliance: What Companies Actually Shipped

   Lists the period's highest-impact company announcements around distribution, corridors and compliance.

   The period's announcements centered on attach rather than price: a retail software win at PAR Technology, a cross-border card programme with Mastercard, and added compliance capacity at Dlocal. We treat each 'why it matters' line as a read tied to its source, drawn only from filings, press releases and established outlets. These moves point to companies competing on owned distribution and value-added services rather than headline pricing. That shift in emphasis is a signal worth tracking into the next update.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS Attach, Corridors and Compliance: What Companies Actually Shipped The two-week period's highest-impact events · titles link to the underlying filing or article · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. "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 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 16 · NEWS · PRNewsWire Venmo names its 2026-2027 NIL athlete roster and introduces its Money Moves programme Consumer wallet engagement is how PayPal Holdings, Inc. (PYPL) defends transaction frequency. A programme like this targets usage and relevance rather than merchant pricing. Wallet relevance is a distribution asset, and distribution ownership is what buyers underwrite. Sep 15 · NEWS · Business Wire Kwik Fill selects PAR Retail to run its guest engagement strategy A multi-site operator choosing PAR Technology Corporation (PAR) is a win in the integrated software channel, where the workflow owns the merchant relationship rather than renting it. Embedded payments follow the software that runs the store. Sep 15 · NEWS · Business Wire Mastercard publishes Dreamonomics research on how US small businesses are planning growth The research reports SMEs prioritising stability and preparedness over rapid growth. Plan against steadier same-store volume rather than a step-change in SME spending. Sep 14 · NEWS · Accesswire KEO Capital partners with Mastercard to expand a cross-border card programme Scheme access and cross-border corridors are slow and costly to replicate. Each programme partner extends Mastercard Incorporated (MA) rails into volume the network does not have to originate itself. Licensed rails keep attracting partners who would rather rent them than build them. Sep 14 · NEWS · Business Wire dLocal partners with Oscilar for AI-powered AML, sanctions screening and transaction monitoring Compliance capacity gates market expansion in cross-border. Dlocal Limited (DLO) is buying screening and monitoring capability rather than building it market by market. Compliance cost per market sits inside cross-border unit economics, not beside them. Sep 16 · NEWS · Business Wire ACI Worldwide research finds only 7% of fashion shoppers trust AI to buy for them today Agentic commerce touches authorisation and decline management before it touches volume. ACI Worldwide, Inc. (ACIW) is positioning on merchant confidence in that shift. Approval rates and shopper trust, not novelty, will set the pace of agentic checkout.

5. 05
   M&A & STRATEGIC ACTIVITY

   A Founder-Led Group Agrees to Buy Priority off the Public Market

   Details the one agreed take-private transaction for Priority Technology Holdings and positions it against the precedent transaction record.

   A founder-led investor group agreed to take Priority Technology Holdings private, the period's single announced deal, sending the stock up +29.3% with +33.8% on the announcement date. Against a precedent set of 40 recorded transactions carrying a median of 8.8x EV/LTM EBITDA, this deal joins a record that still clears public trading multiples. We read the deal's timing and structure as evidence of insider conviction rather than an auction outcome. For advisors and acquirers, this is the reference point the next comparable deal will be measured against.

   Everything on this page

   M&A & STRATEGIC ACTIVITY A Founder-Led Group Agrees to Buy Priority off the Public Market September 14–28, 2026 · 1 agreed by company announcement · 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 2026-09-28. 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 14–28, 2026 | Confidential | Not investment advice Sources & methodology 5 AGREED IN THE PERIOD — FROM COMPANY ANNOUNCEMENTS Sep 21 · Priority Technology Holdings, Inc. (PRTH) Priority Technology Holdings, Inc. (PRTH) agrees a take-private with an investor group led by Chairman and CEO Thomas Insiders bidding for their own book suggests the owned merchant and banking relationships underwrite better privately than the public quote implied. It fits the pattern of take-privates at the sub-scale end of the listed set. Terms and multiples enter the precedent record once the filing is processed; the reference set alongside is unchanged. 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 Your Next Conversation

   Translates the period's market moves and the one agreed deal into implications for owners, acquirers and advisors.

   For owners and operators, the period's announcements on attach and retained spread carry the real story, not the price moves. For acquirers, the one agreed take-private joins the reference set at a moment when 21 of 26 covered names fell and the median move was -6.1%. For advisors, the gap between what the market quoted and what one buyer agreed to pay is the clearest lead-in for the next conversation. Each of these is an observation from the recorded evidence, not a recommendation.

   Everything on this page

   WHAT IT MEANS What This Two-Week Period Changes for Your Next Conversation 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 2026-09-28. 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 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / EBITDA (CY2027E) median 7.2x 27 companies in the study 3 valuation tiers Standing thesis: Transaction and Payment Processing Is Priced as Five Businesses, and the Faster Growers Sit at the Top of the Range FOR OWNERS & OPERATORS Attach and Retained Spread Carry the Story This Period The period's announcements were about attach rather than price: a retail software win, a cross-border card programme and added compliance capacity. FOR ACQUIRERS One Agreed Take-Private Joins the Reference Set Companies in the space traded lower over the two-week period: 21 of 26 covered names fell; the median move was -6.1%. FOR ADVISORS Lead with the Gap Between Quoted and Agreed The theme is simple: public quotes reset while one buyer group agreed terms. PRTH returned +29.3% over the two-week period, with +33.8% on the Sep 21 announcement date, against a -6.1% median for covered names.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   Explains the sources and methodology behind the update's figures and attribution language.

   Every figure in this update ties back to a recorded source — SEC filings, company press releases, or market prices through September 28, 2026. We apply a fixed reliability order across filings and established outlets, and we never draw on video or social platforms. Attribution language throughout is calibrated: we separate what the record shows from what we read into it. This structure lets you trace any number in the deck back to where it came from.

   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 14–28, 2026 · market data through 2026-09-28 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 14–28, 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_20260929T223156Z_603_prod (market data as of 2026-09-28) — 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: prnewswire.com · businesswire.com · accessnewswire.com · globenewswire.com

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