Plastiq: Merge With Colonnade SPAC in $480 Million Deal

Plastiq: Merge With Colonnade SPAC in $480 Million Deal

• Plastiq has agreed to go public via a merger with Joseph Sambuco’s blank-check firm
• Tie-up with Colonnade Acquisition Corp. II will create a company with a value of about $480 million
• Founded in 2012, offers payments services to small and midsize businesses
• The company, whose backers include Kleiner Perkins, B Capital Group and Khosla Ventures
• Eliot Buchanan founder and chief executive officer, will continue to lead the company along with existing management
• The company hopes to continue rolling out its software as a service products after going public