Shift4 Payments to acquire certain SpotOn assets, affirms guidance

In a regulatory 8-K filing last night, Shift4 Payments announced that the company “has reached an agreement with SpotOn Technologies to acquire assets related to SpotOn’s sports and entertainment division formerly known as Appetize for approximately $100 million in an all-cash transaction. Under this agreement, Shift4 will assume all customer relationships, certain technology assets and a portion of the SpotOn employee base. The Company expects an immaterial financial contribution in 2023 and expects the contribution to increase in 2024 as the revenue and operating models of Appetize are modified to align with that of Shift4. The Company reaffirms its guidance for the year ending December 31, 2023, which was provided on the earnings call discussing the Company’s second quarter financial results, held on August 3, 2023.”