Welcome to our dedicated page for I3 Verticals news (Ticker: IIIV), a resource for investors and traders seeking the latest updates and insights on I3 Verticals stock.
i3 Verticals, Inc. (symbol: IIIV) is a prominent technology and integrated payments provider catering to a diverse range of industry verticals across the United States. The company focuses on enhancing operating efficiencies, boosting revenues, and streamlining payment processing functions for its customers. With an impressive annualized payment volume exceeding $10 billion, i3 Verticals continues to fortify its leadership position through both organic growth and strategic acquisitions.
The company’s offerings are designed to meet the needs of small and medium-sized businesses and organizations within key strategic markets, including schools, the public sector, not-for-profit organizations, healthcare, and more. Operating primarily through two segments—Merchant Services and Software and Services—i3 Verticals derives the majority of its revenue from the Software and Services division.
i3 Verticals provides a comprehensive suite of solutions, such as gateway services, payment processing, online payment options, document management, and ERP systems. These offerings are aimed at simplifying complex business processes and improving financial transactions, making i3 Verticals a vital partner for its clients.
Recent achievements and initiatives underline the company's commitment to innovation and growth. By continuously adapting to evolving market needs and leveraging new technologies, i3 Verticals ensures that its clients stay ahead in their respective industries. The company's collaborative approach has also led to valuable partnerships, further expanding its reach and impact.
For the latest updates and in-depth information about i3 Verticals, including recent news and developments, visit the company's official website at www.i3verticals.com.
i3 Verticals has entered into a definitive agreement to sell its merchant of record payments business to Payroc WorldAccess for $440 million in cash, subject to adjustments. This transaction is expected to close in i3 Verticals' fiscal fourth quarter. The sale includes proprietary technology and two non-core assets related to the Non-profit and Property Management verticals, representing about $4 million in annual adjusted EBITDA. Post-sale, i3 Verticals will focus on Public Sector, Education, and Healthcare markets, aiming to simplify its business and strengthen its balance sheet. The proceeds will be used to pay down debt, potentially eliminating the 2023 Senior Secured Credit Facility. This shift will result in a revenue composition of approximately 75% software and related services, with the remaining from payments and other sources.
i3 Verticals, Inc. reported positive financial results for the second quarter of 2024 with an increase in revenue, net income, and adjusted EBITDA. The company's annualized recurring revenue showed growth, and the CEO highlighted progress in recurring revenue sources. However, the exploration of a potential sale of the Merchant Services Business and revised outlook for 2024 may impact future results.
i3 Verticals, Inc. (Nasdaq: IIIV) will release its financial results for the second quarter ended March 31, 2024, on May 10, 2024, before the Nasdaq market open. A conference call will be held on the same day at 9:00 a.m. ET to discuss financial results and operations.
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