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

Take-Privates Move Forward While the Listed Set Gives Ground

This update covers what moved, what companies announced and what changed in M&A across transaction and payment processing over the two-week period 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

   Cover slide introducing the bi-weekly transaction and payment processing industry events and M&A update for September 11–25, 2026.

   This bi-weekly update covers transaction and payment processing for September 11–25, 2026. We walk through what changed in the public market, what companies announced, what transacted in M&A, and what it means for operators, acquirers and advisors.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE FINANCIALS › FINANCIAL SERVICES › TRANSACTION AND PAYMENT PROCESSING Take-Privates Move Forward While the Listed Set Gives Ground This update covers what moved, what companies announced and what changed in M&A across transaction and payment processing over the two-week period 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

   Buyers Step Forward on Agreed Deals While the Covered Set Trades Lower

   Summarizes the two-week period showing agreed deals advancing while the covered set traded lower.

   Over September 11–25, 2026, 22 of 26 covered names fell and the median move was -3.5%, while the S&P 500 returned +1.1% — so the weakness sat inside payments, not the broader market. Priority Technology Holdings, Inc. (PRTH) set the period's high, returning +31.1%, including +33.8% on the day it announced a definitive agreement to go private. PAR Technology Corporation (PAR) and Paymentus Holdings, Inc. (PAY) led the declines, alongside Shift4 Payments, Inc. (FOUR), showing the pressure ran across pricing tiers. Two agreed transactions carried the M&A page this period, so we read deal certainty as the clearest differentiator among covered names.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE Buyers Step Forward on Agreed Deals While the Covered Set 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 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 weakness sat inside payments rather than across the broad market. Only four covered names rose. 2 An Agreed Take-Private Set the Period's High Priority Technology Holdings, Inc. (PRTH), a Core-tier name in NeuraCap's sector study, returned +31.1% over the two-week period, including +33.8% on September 21, the date it announced a definitive agreement to go private. 3 The Steepest Declines Ran Across Tiers, Not One Corner PAR Technology Corporation (PAR) returned -22.6% and Paymentus Holdings, Inc. (PAY) -14.9%, both Premium-tier names in the standing study, while Shift4 Payments, Inc. (FOUR), a Discount-tier name, returned -15.3%. 4 Agreed Transactions Carried the M&A Page Two transactions the companies themselves announced as agreed reached the record this period, and no completed precedent transactions were added. The trailing record of 40 transactions carries 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 Transactions agreed in the two-week period from company announcements; not yet in the precedent record 2 Company filings in the window 8-K events read for driver attribution

3. 03
   PUBLIC MARKET MOVERS

   Deal Certainty Separated the Period's Winners from a Broadly Lower Set

   Shows close-to-close price moves for covered names against the sector median and S&P 500 benchmark for the period.

   We size each move against a sector median of -3.5% and a S&P 500 return of +1.1%, using a materiality bar of ±6.8% to flag outsized moves. Priority Technology Holdings (PRTH) stood apart, up +31.1%, alongside its +33.8% move on the day it announced a definitive take-private agreement. Declines at PAR Technology Corporation (PAR), Paymentus Holdings, Inc. (PAY) and Shift4 Payments, Inc. (FOUR) show the weakness was not confined to one tier. Attribution here links only to filings and headlines recorded in the window, so where no driver is recorded we say so plainly — that discipline is what keeps this page decision-useful.

   Everything on this page

   PUBLIC MARKET MOVERS Deal Certainty Separated the Period's Winners from a Broadly Lower Set 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 September 21 announcement of a definitive agreement for an investor group led by the chairman and chief executive to take Priority private; the +33.8% single-day move landed on the announcement date. Sub-scale listed processors remain a live target for management- and sponsor-led take-privates. COMPANY-SPECIFIC PAR Technology Corporation (PAR) -22.6% No notable in-window news was identified that clearly explains the move. The -22.6% return was the steepest decline among the period's listed movers, against a median move of -3.5%. Premium-tier multiples leave little cushion when the whole covered set 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 sits well below the -3.5% median for covered names. Merchant acquiring moved with the group this period rather than apart from it. UNEXPLAINED Paymentus Holdings, Inc. (PAY) -14.9% No notable in-window news was identified that clearly explains the move. The -14.9% return compares with a median move of -3.5% across the covered set. Bill-pay platforms sit inside the same repricing as the rest of the covered set. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   Companies Spent the Period Buying Distribution, Compliance and Customer Workflow

   Highlights the period's highest-impact company announcements in distribution, compliance and customer workflow.

   This period's highest-impact events centered on distribution, compliance and customer workflow rather than balance-sheet moves. Each entry links to its underlying filing or article, and every 'why it matters' line is a NeuraCap read grounded in that source. Sources are ranked in a fixed reliability order — SEC filings, press releases, then established outlets — so the page never relies on unverified claims. For operators and advisors, this is the fastest way to see where competitors are investing next.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS Companies Spent the Period Buying Distribution, Compliance and Customer Workflow 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 won a multi-unit fuel and convenience retailer for its PAR Retail engagement platform The win sits inside the merchant's own guest workflow rather than alongside it. NeuraCap's read: owning the workflow is what supports value-added services attach and revenue per merchant. Embedded software keeps winning the merchant relationship that payment economics then ride on. Sep 15 · NEWS · Business Wire Mastercard published research on small businesses prioritising predictable growth over fast growth A network putting research behind small-business behaviour signals where it wants share of mind in the SME channel, which is the same base merchant acquirers underwrite for attrition and same-store volume. SME volume assumptions deserve a harder look in any merchant-base underwriting this cycle. Sep 14 · 8-K · SEC EDGAR Lesaka Technologies reset CFO pay and approved fiscal 2027 cash incentive awards for senior officers Compensation terms filed at the top of a cross-border processor show a board anchoring management to a defined fiscal 2027 delivery plan rather than to a general outlook. Incentive design is one of the clearer public signals of what a board is actually managing toward. Sep 14 · NEWS · Accesswire Mastercard agreed a partnership to expand a cross-border card programme Cross-border corridors run on scheme membership and licensing that are slow to replicate. NeuraCap's read: partnerships remain the faster route into a corridor than building one. Licences and scheme access continue to function as the moat in cross-border payments. Sep 14 · NEWS · Business Wire dLocal added an AI-driven anti-money-laundering and sanctions screening partner for cross-border flows Screening and transaction monitoring are a standing cost of operating in many markets at once. Strengthening them supports merchant boarding capacity without widening compliance exposure. Compliance capability is being bought as product, not just staffed as overhead. Sep 16 · NEWS · Business Wire ACI Worldwide published research showing only 7% of fashion shoppers trust AI to buy for them today Agentic commerce touches authorisation rates, decline management and fraud exposure long before it touches volume. The research frames adoption as a confidence problem for merchants to solve. New checkout behaviour will be underwritten on approval and chargeback data before it is priced.

5. 05
   M&A & STRATEGIC ACTIVITY

   Two Agreed Transactions Put Listed Platforms into Private Hands

   Details the two agreed transactions announced this period against a trailing precedent set of 40 deals at a median of 8.8x EV/EBITDA.

   Two transactions reached the record this period because the companies themselves announced them as agreed, and no completed precedent deals were added alongside them. The trailing precedent set now stands at 40 recorded transactions, carrying a median of 8.8x EV/LTM EBITDA. Deal multiples are shown as LTM at announcement where disclosed, and our 'why the deal happened' commentary is a read of the recorded evidence, not fact presented as certainty. For acquirers benchmarking a new process or partnership, this median is the reference point to test any mandate against.

   Everything on this page

   M&A & STRATEGIC ACTIVITY Two Agreed Transactions Put Listed Platforms into Private Hands September 11–25, 2026 · 2 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 2026-09-25. 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 AGREED IN THE PERIOD — FROM COMPANY ANNOUNCEMENTS Sep 14 · Payoneer Global Inc. (PAYO) Payoneer Global Inc. (PAYO) stockholders approved its merger agreement at a September 14 special meeting The vote clears a shareholder gate on an agreed transaction for a licensed cross-border platform. Sep 21 · Priority Technology Holdings, Inc. (PRTH) Priority Technology Holdings, Inc. (PRTH) agreed a take-private with an investor group led by its CEO A management-led buyer group agreeing to take a listed platform private points to insiders and capital partners underwriting economics the public market was pricing differently. 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 the Period Changes for Operators, Buyers and Advisors

   Translates the period's events into implications for operators, acquirers and advisors.

   For owners and operators, the period's operating news ran through ownership of the merchant workflow — a retail engagement win, a compliance and screening partnership, and research aimed at merchant behaviour. For acquirers, the reference set gained two agreed deals and no new completed precedents, leaving the trailing median at 8.8x EV/EBITDA. For advisors, the clearest theme is private capital agreeing terms while the listed set traded lower, with 22 of 26 covered names down and a median move of -3.5%. These are observations drawn from the recorded evidence, not recommendations.

   Everything on this page

   WHAT IT MEANS What the 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 Ownership of the Merchant Workflow Is What Got Rewarded The period's operating news ran through customer workflow: a retail engagement win, a compliance and screening partnership, and research aimed squarely at merchant behaviour. FOR ACQUIRERS The Reference Set Gained Two Agreed Deals and No New Completed Precedents No completed precedent transactions were added this period; the trailing record of 40 transactions carries a median of 8.8x EV/EBITDA. FOR ADVISORS Lead with the Take-Private Evidence, Not the Index The period's clearest theme is private capital and management groups agreeing terms while the listed set traded lower: 22 of 26 covered names fell and the median move was -3.5%.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   Explains the sources, method and limits behind every figure in this update.

   Every figure in this update links to the record it was taken from — SEC filings, company press releases, or established outlets — so nothing here rests on an unverifiable claim. Market data runs through September 25, 2026, and calibrated language is used wherever a driver is inferred rather than stated outright. This page exists so any figure or claim in the deck can be traced back to its source before you act on it.

   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

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