i3 Verticals Connects with Payroc Through Strategic Sale
i3 Verticals Finalizes Sale of Its Merchant Services Segment
i3 Verticals, Inc. (NASDAQ: IIIV) has announced a significant milestone with the completion of the sale of its merchant services business to Payroc WorldAccess, LLC. This landmark agreement brings a purchase price of around $438 million in cash, marking a transformative phase for the company.
A New Chapter for i3 Verticals
With this transaction, i3 Verticals pivots towards a more focused approach within the vertical market software domain, specifically honing in on the Public Sector and Healthcare verticals. The company aims to leverage its strengths in providing tailored software solutions to these markets.
Leadership's Vision
Greg Daily, the Chairman and CEO of i3 Verticals, shared his thoughts on the timely completion of this transaction. He indicated, "This completed transaction marks a significant moment for our company. Following this divestiture, i3 Verticals is set to concentrate on core competencies, ensuring the highest standards of service for the Public Sector and Healthcare sectors."
The Transition Team
In conjunction with this strategic realignment, i3 Verticals announced key changes in its executive roster. Geoff Smith has been appointed as the Chief Financial Officer after previously serving as the Senior Vice President of Finance. This marked elevation is anticipated to bolster the company's financial strategy as it moves forward.
Strategic Advising for Future Success
Clay Whitson transitions from Chief Financial Officer to the newly created Chief Strategy Officer role, where his focus will shift towards capital allocation, mergers and acquisitions, and investor relations. This change is seen as essential for aligning the company’s strategic roadmap with its long-term objectives.
About i3 Verticals
i3 Verticals stands out by providing integrated software solutions that cater to distinct vertical markets. The company's efforts are especially pronounced in the Public Sector and Healthcare realms, ensuring that their software meets the nuanced requirements of various organizations.
About Payroc
Payroc WorldAccess is recognized for its innovative approach to payment processing. As a fast-growing merchant acquirer, it offers a wide range of merchant acquiring solutions on a global scale, serving diverse industries with advanced technology and reliable service.
Frequently Asked Questions
What led to the sale of i3 Verticals' merchant services business?
The sale was part of i3 Verticals' strategy to concentrate on its core markets, particularly the Public Sector and Healthcare verticals.
How much did Payroc pay for the merchant services business?
The purchase price was approximately $438 million in cash at closing.
Who are the new executive leaders at i3 Verticals?
Geoff Smith is now the Chief Financial Officer, while Clay Whitson has taken on the role of Chief Strategy Officer.
What areas will i3 Verticals focus on post-sale?
The company will focus exclusively on providing software solutions for the Public Sector and Healthcare verticals.
What does this sale mean for Payroc?
This acquisition strengthens Payroc's portfolio, allowing it to expand its offerings and enhance services in the payments industry.
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