Paltalk to acquire Newtek Technology Solutions from NewtekOne for $25m.

Paltalk, a communications software innovator that powers multimedia social applications, agreed to acquire Newtek Technology Solutions, a provider of dedicated server hosting, cloud hosting, data storage, managed security, backup and disaster recovery, from NewtekOne, a software developer, for $25m. "This is a transformational acquisition for Paltalk that we believe will provide excellent value for our stockholders. We expect that the Acquisition, once completed, will have an immediate and meaningful impact on our revenue, since NTS’ revenue in 2023 was approximately three times greater than Paltalk’s 2023 revenue. We also expect the Acquisition to provide enhanced opportunities for future growth and optimization. We are extremely excited to enter the cloud infrastructure and cybersecurity sectors with the acquisition of a business we deem ripe for growth both organically and through potential accretive acquisitions in the future. Given our management team’s extensive technology expertise that has been demonstrated throughout the years, we are confident in our ability to integrate, operate and grow this business and enhance stockholder value," Jason Katz, Paltalk Chairman and CEO.