Company: FLYW
Filing Date: 2025-02-25
Form Type: 8-K
Source: 0001193125-25-035188
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Company: Flywire Corp
Filing Date: 2025-02-25
Form: 8-K
Item: Item 1.01
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Item 1.01.      Entry into a Material Definitive Agreement.  

On February 24, 2025, Flywire Corporation (“ Flywire” or the “ Company”) entered into a Purchase and Sale Agreement (the “ Agreement”) with S Legacy Holdco, Inc., an Illinois corporation (the “ Seller”) and each of the shareholders of Seller, pursuant to which Flywire acquired all of the issued and outstanding limited liability company interests of Sertifi LLC (“ Sertifi”) for upfront cash consideration of $330 million, subject to certain post-closing adjustments set forth in the Agreement, and contingent consideration of up to $10 million upon the completion or satisfaction of certain technical and commercial milestones by Sertifi. Pursuant to the Agreement, Flywire also agreed to issue a number of restricted stock units with an aggregate value equal to $10 million to certain of the continuing employees of Sertifi on the terms and conditions set forth in the Agreement.

Sertifi is a vertical software and payments platform digitizing hospitality-specific workflows and associated payments. The closing of the acquisition (the “ Closing”) occurred simultaneously with the execution of the Agreement, and upon the Closing, Sertifi became a wholly owned subsidiary of Flywire. Flywire paid the upfront cash consideration through a combination of cash on hand and a portion of the $125 million borrowed from its existing credit facility. The Agreement contains various representations, warranties and covenants of the parties that are customary in transactions of this type. In connection with the Closing, Flywire bound a representations and warranties insurance policy insuring breaches of Seller’s representations and warranties in the Agreement and certain indemnifiable tax matters under the policy.

A copy of the Agreement is filed with this Current Report on Form8-Kand is incorporated herein by reference. The foregoing summary of the material terms of the Agreement does not purport to be a complete description thereof and is qualified in its entirety by the full text of the agreement, which is attached as Exhibit 10.1 to this Current Report on Form8-Kand is incorporated herein by reference. The Agreement is included to provide investors and security holders with information regarding its terms. It is not intended to provide any other factual information about the parties thereto. The representations and warranties of each party set forth in the Agreement have been made solely for the benefit of the other parties to the Agreement and such representations and warranties should not be relied on by any other person. In addition, such representations and warranties (i) have been qualified by disclosures made to the other parties