Benzinga | Jul 13, 2021 02:05PM EDT

PROG Holdings Acquires Four Technologies For Undisclosed Sum

* PROG Holdings, Inc (NYSE: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.