PROG Holdings Acquires Four Technologies For Undisclosed Sum

PROG Holdings, Inc PRG announced the acquisition of Four Technologies, Inc for undisclosed terms.
Four Technologies is the creator of Four, a Buy Now, Pay Later (BNPL) platform that allows shoppers to pay for merchandise through four interest-free installments.
Shoppers use Four platform to buy furniture, clothing, electronics, health and beauty, footwear, jewelry, and other consumer goods from retailers across the US.
"Combining Four with Progressive Leasing and Vive Financial, our lease-to-own and revolving credit companies, builds upon our direct-to-consumer growth strategy and delivers an exceptional value proposition to retailers looking to offer their customers additional payment options" said, PROG Holdings President and CEO Steve Michaels.
It held cash and cash equivalents of $151.15 million as of March 31, 2021.
Outlook: PROG Holdings does not anticipate updating its 2021 outlook in connection with this acquisition. The company had expected FY21 total revenues of $2.70 billion to $2.775 billion, versus a consensus of $2.66 billion, and non-GAAP EPS of $3.80 to $4.05, versus a consensus of $3.62.
Price action: PRG shares are trading lower by 1.04% at $45.86 on the last check Tuesday.