Paltalk Completes Acquisition of Newtek Technology Solutions

Paltalk, Inc. announced the completion of its previously announced acquisition of Newtek Technology Solutions, Inc. (‘NTS’ and such transaction, the ‘Acquisition’), from NewtekOne, Inc.

In connection with the closing of the acquisition, the company also completed the sale of its Paltalk, Camfrog and Vumber applications and certain assets and liabilities related to such applications to Meteor Mobile Holdings, Inc. (the ‘Divestiture’). The acquisition and the aivestiture were approved by the company’s stockholders at a special meeting held on December 30, 2024.

The company’s business will be focused on providing server hosting, cloud hosting, storage, managed security, backup and DR, and other related services, including consulting and implementing technology solutions. The company will operate under the name Intelligent Protection Management Corp. (IPM)

The company’s common stock will commence trading under the ticker symbol IPM on The Nasdaq Capital Market on January 6, 2025. As a result of the divestiture, the firm will no longer provide video-based, live streaming, virtual camera and telecommunications software to consumers.

Jason Katz, chairman and CEO, Paltalk, commented: “Today marks a transformational milestone for the company. With the Acquisition of NTS now complete, we expect that NTS will have an immediate and meaningful impact on our revenue, since NTS’s revenue in 2023 was approximately three times greater than Paltalk’s 2023 revenue. We look forward to entering the cloud infrastructure and cybersecurity sectors and serving our new customers, including NewtekOne. Our strategic focus on technology and our experienced management team form the foundation for us to achieve greater scale and reach to deliver the best service to our customers and value to our stockholders.“

Katz continued: “I would like to welcome the NTS employees to our team. Together, I am confident we can continue to optimize our strategies and cross-selling efforts of our products to offer effective technology solutions to our customers and position our Company for long-term success.“

Advisors: Haynes and Boone, LLP served as legal counsel to Paltalk.  Sullivan & Cromwell LLP served as legal counsel to NewtekOne.