i3 Verticals Completes Sale of Merchant Services Business
i3 Verticals (NASDAQ: IIIV) has completed the sale of its merchant services business to Payroc WorldAccess for approximately $438 million in cash, subject to post-closing adjustments. This divestiture transforms i3 Verticals into a vertical market software business focused on Public Sector and Healthcare verticals.
The company also announced key leadership changes: Geoff Smith, previously Senior VP of Finance, has been appointed as Chief Financial Officer, while Clay Whitson, the former CFO, transitions to the newly created role of Chief Strategy Officer. In his new position, Whitson will focus on capital allocation, M&A, and investor relations, while remaining on the Board of Directors.
i3 Verticals (NASDAQ: IIIV) ha completato la vendita della sua attività di servizi per commercianti a Payroc WorldAccess per circa 438 milioni di dollari in contanti, soggetto a regolazioni post-chiusura. Questa dismissione trasforma i3 Verticals in un business di software per mercati verticali focalizzato sui settori pubblico e sanitario.
La società ha anche annunciato importanti cambiamenti nella leadership: Geoff Smith, precedentemente Vicepresidente Senior delle Finanze, è stato nominato Direttore Finanziario, mentre Clay Whitson, l'ex CFO, passa al nuovo ruolo di Direttore Strategico. Nella sua nuova posizione, Whitson si concentrerà sull'allocazione del capitale, sulle fusioni e acquisizioni e sulle relazioni con gli investitori, continuando a far parte del Consiglio di Amministrazione.
i3 Verticals (NASDAQ: IIIV) ha completado la venta de su negocio de servicios para comerciantes a Payroc WorldAccess por aproximadamente 438 millones de dólares en efectivo, sujeto a ajustes posteriores al cierre. Esta desinversión transforma a i3 Verticals en un negocio de software de mercado vertical enfocado en los sectores público y de salud.
La compañía también anunció cambios clave en el liderazgo: Geoff Smith, anteriormente vicepresidente senior de finanzas, ha sido nombrado director financiero, mientras que Clay Whitson, el ex CFO, pasa al recién creado rol de director de estrategia. En su nueva posición, Whitson se centrará en la asignación de capital, fusiones y adquisiciones, y relaciones con los inversores, mientras continúa en la Junta Directiva.
i3 Verticals (NASDAQ: IIIV)는 상인 서비스 사업을 Payroc WorldAccess에 매각했습니다. 매각가는 약 4억 3천800만 달러 현금으로, 마감 후 조정에 따라 달라질 수 있습니다. 이 매각으로 i3 Verticals는 공공 부문 및 의료 부문에 집중한 수직 시장 소프트웨어 사업으로 전환됩니다.
회사는 또한 주요 리더십 변화를 발표했습니다: Geoff Smith는 이전에 재무 수석 부사장으로, 최고 재무 책임자로 임명되었고, Clay Whitson은 이전 CFO로서 새롭게 창설된 전략 책임자 역할로 전환됩니다. Whitson은 새로운 직위에서 자본 배분, M&A, 투자자 관계에 집중하며 이사회의 일원으로 남게 됩니다.
i3 Verticals (NASDAQ: IIIV) a achevé la vente de son activité de services aux commerçants à Payroc WorldAccess pour environ 438 millions de dollars en espèces, sous réserve des ajustements post-clôture. Cette cession transforme i3 Verticals en une entreprise de logiciels de marché vertical axée sur le secteur public et le secteur de la santé.
La société a également annoncé des changements clés dans son leadership : Geoff Smith, précédemment Vice-Président Senior des Finances, a été nommé Directeur Financier, tandis que Clay Whitson, l'ancien CFO, passe à un nouveau poste créé de Directeur de la Stratégie. Dans sa nouvelle fonction, Whitson se concentrera sur l'allocation de capital, les fusions et acquisitions, ainsi que les relations avec les investisseurs, tout en restant membre du Conseil d'Administration.
i3 Verticals (NASDAQ: IIIV) hat den Verkauf seines Geschäftsfeldes für Händlerdienstleistungen an Payroc WorldAccess für etwa 438 Millionen Dollar in bar abgeschlossen, vorbehaltlich nachträglicher Anpassungen. Diese Veräußerung verwandelt i3 Verticals in ein Softwareunternehmen für vertikale Märkte, das sich auf den öffentlichen Sektor und das Gesundheitswesen konzentriert.
Das Unternehmen gab auch wichtige Veränderungen in der Unternehmensführung bekannt: Geoff Smith, bisher Senior Vice President für Finanzen, wurde zum Chief Financial Officer ernannt, während Clay Whitson, der ehemalige CFO, in die neu geschaffene Rolle des Chief Strategy Officer wechselt. In seiner neuen Position wird Whitson sich auf Kapitalallokation, M&A und Investorenbeziehungen konzentrieren und zugleich im Vorstand bleiben.
- Completed sale of merchant services business for $438 million in cash
- Transformation into a focused vertical market software business
- Strategic leadership changes to support future growth
- Divestiture of a major business segment may impact overall revenue
Announces Chief Financial Officer Transition and Appointment of Chief Strategy Officer
Greg Daily, Chairman and CEO of i3 Verticals stated, “This completed transaction marks a significant moment for our company. Following this divestiture, i3 Verticals is a vertical market software business focused solely on the Public Sector (including Education) and Healthcare verticals. We are confident that our valued employees have found a wonderful home at Payroc.”
Jim Oberman, Chief Executive Officer of Payroc, expressed his excitement, “We are thrilled that this transaction has closed. This business is an ideal fit for Payroc, and I am especially eager to meet those i3 team members and i3 partners who will be joining us on our journey with Payroc.”
Chief Financial Officer Transition and Appointment of Chief Strategy Officer
i3 Verticals also announced today that Geoff Smith, who previously served as the Company’s Senior Vice President of Finance, has been appointed to serve as the Company’s Chief Financial Officer, and Clay Whitson, who previously served as the Company’s Chief Financial Officer, has been appointed to a newly created position of Chief Strategy Officer. In Mr. Whitson’s new role, he will focus on capital allocation, M&A and investor relations.
Greg Daily stated, “We are excited to announce the appointment of Geoff as Chief Financial Officer and Clay’s new role as our Chief Strategy Officer. Geoff has excelled at taking on increasing responsibilities over the last few years and we are confident this will be a smooth transition. This transition will give Clay time to work side-by-side with Rick Stanford, our President, and me on a variety of projects across the Company. In addition to continuing as a vital member of our executive team, Clay will also remain a member of our Board of Directors. I would like to congratulate Geoff and Clay on their new roles, and we look forward to their continued leadership.”
About i3 Verticals
The Company delivers seamless integrated software to customers in strategic vertical markets. Building on its sophisticated and diverse platform of software and services solutions, the Company creates and acquires software products to serve the specific needs of public and private organizations in its strategic verticals, including its Public Sector (including Education) and Healthcare verticals.
About Payroc
Payroc WorldAccess, LLC is a high-growth merchant acquirer, processor, and payment integrations powerhouse that offers best-in-class sales enablement and payment processing technology on a global scale, delivering proprietary, innovative, and full-service merchant acquiring solutions together with key card brand network payment sponsorship registrations. Payroc (through its subsidiaries) is a registered Visa third party processor, a Visa independent sales organization, a Mastercard third-party service provider, a Mastercard member service provider, a payment facilitator, an encryption support organization for Fifth Third Bank, National Association ("Fifth Third"), and, in
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, which involve risk and uncertainties. You 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,” “exceed,” “significantly,” “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. These forward-looking statements are based on the Company’s current beliefs, understandings and expectations. These forward-looking statements are neither promises nor guarantees, but are subject to a variety of risks and uncertainties, many of which are beyond the Company’s control, which could cause actual results to differ materially from those contemplated in these forward-looking statements. Factors that could cause actual results to differ materially from those expressed or implied include: (i) post-closing risks related to the ancillary agreements entered into in connection with the closing of the divestiture of the Company's merchant services business; and (ii) the Company’s ability to execute on its strategy and achieve its goals and other expectations after the completion of the divestiture of the Company's merchant services business, as well as the risks set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2023, filed with the Securities and Exchange Commission on February 21, 2024, the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2024, filed with the Securities and Exchange Commission on August 9, 2024, and the Company’s other filings with the Securities and Exchange Commission. Any forward-looking statement made by the Company in this press release speaks only as of the date of this press release, and the Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240923095072/en/
Clay Whitson
Chief Strategy Officer
(888) 251-0987
investorrelations@i3verticals.com
Source: i3 Verticals, Inc.
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