i3 Verticals Reports Three Acquisitions and Inducement Equity Grants
06 October 2020 - 7:45AM
Business Wire
Acquires Proprietary Software in Healthcare
Vertical
i3 Verticals, Inc. (Nasdaq: IIIV) (the “Company”), today
announced the acquisition of three companies that strengthen its
vertical focus.
The first acquisition is within the Company’s fast-growing
Public Sector vertical. This business is based in the southeast and
provides software and services for public safety and law
enforcement customers. The second acquisition is within the
Company’s Healthcare vertical and offers medical billing and other
software. This business is also headquartered in the southeast but
serves customers across the country. The final acquisition offers
proprietary technology that will augment the Company’s existing
platform across several verticals. It is also based in the
southeast and serves customers on a nationwide basis.
Chairman and CEO Greg Daily commented, “We are pleased about the
growth of our Company and the continued success of our acquisition
strategy. These three acquisitions enable us to offer new software
to existing clients and to penetrate new geographies and markets.
We are particularly excited about the ability to sell a proprietary
software suite into the Healthcare vertical, which should
accelerate our growth in that important vertical. Finally, our
culture is critical to our success and we could not be more
enthusiastic about the talent and the fit that each of these teams
offer, and we look forward to working closely together with
them.”
The aggregate cash consideration paid at closing for the three
deals was $19,600,000.
In accordance with Nasdaq Listing Rule 5635(c)(4), the Company
has granted equity awards under its 2020 Acquisition Equity
Incentive Plan to the new employees who joined the Company in
connection with these acquisitions. The Company granted options to
purchase a total of 265,000 shares of the Company’s Class A common
stock to 45 employees as a material inducement to enter into
employment with the Company. These stock options will vest ratably
over three years, subject to the employees’ continued service to
the Company through each applicable vesting date. The stock options
have an exercise price equal to $25.76, the closing price per share
of the Company’s Class A common stock as reported by Nasdaq on
October 1, 2020, the date of grant.
About i3 Verticals Helping drive the convergence of
software and payments, i3 Verticals delivers seamlessly integrated
payment and software solutions to small and medium-sized businesses
and other organizations in strategic vertical markets, such as
education, non-profit, public sector, property management,
healthcare and to the business-to-business payments market. With a
broad suite of payment and software solutions that address the
specific needs of its clients in each strategic vertical market, i3
Verticals processed approximately $14.2 billion in total payment
volume for the 12 months ended June 30, 2020.
Forward-Looking Statements This release contains
forward-looking statements that are subject to risks and
uncertainties. All statements other than statements of historical
fact or relating to present facts or current conditions included in
this release are forward-looking statements, including any
statements regarding guidance and statements of a general economic
or industry specific nature. Forward-looking statements give the
Company’s current expectations and projections relating to its
financial condition, results of operations, guidance, plans,
objectives, future performance and business. You generally can
identify forward-looking statements by the fact that they do not
relate strictly to historical or current facts. These statements
may include words such as “anticipate,” “estimate,” “expect,”
“project,” “plan,” “intend,” “believe,” “may,” “will,” “should,”
“could have,” “likely” and other words and terms of similar meaning
in connection with any discussion of the timing or nature of future
operating or financial performance or other events. Forward-looking
statements are not guarantees of future performance, and the
Company’s actual results could differ materially from the
expectations expressed or implied in any forward-looking
statements. You should not put undue reliance on them. Examples of
forward-looking statements contained in this release include
statements about the Company’s use of proceeds from the offering.
Actual results may differ from those contained in any
forward-looking statements made in this release for a variety of
reasons, including those described in “Risk Factors” and “Note
Regarding Forward-looking Statements” in the Company’s Annual
Report on Form 10-K for the year ended September 30, 2019, in its
subsequent periodic reports, and in “Risk Factors” and “Note
Regarding Forward-looking Statements” in the Registration Statement
filed with the Securities and Exchange Commission, as supplement by
a prospectus supplement.
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version on businesswire.com: https://www.businesswire.com/news/home/20201005005913/en/
Clay Whitson Chief Financial Officer (615) 988-9890
cwhitson@i3verticals.com
Paul Maple General Counsel & Secretary (615) 465-4487
pmaple@i3verticals.com
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