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I3 Verticals Acquires Two Software Companies For $17.4M

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I3 Verticals Acquires Two Software Companies For $17.4M
  • Technology and integrated payments provider I3 Verticals Inc (NASDAQ: IIIVacquired two software companies for an aggregate consideration of $17.4 million to consolidate its Healthcare vertical focus.
  • The first acquisition relates to a business based in the upper Midwest offering proprietary and third-party software and services in multiple states focused on healthcare customers. The second acquisition pertained to a Southeast headquartered business offering medical practice management software and solutions to its customers.
  • The company will elaborate on the acquisitions at the May earnings call.
  • I3 Verticals granted 3-year stock options to purchase 225,000 shares to 50 employees on April 1 at an exercise price of $31.65 based on the April 1 closing price per share.
  • I3 Verticals held cash and cash equivalent of $10.9 million as of December 31, 2020.
  • Price action: IIIV shares traded higher by 2.56% at $32.46 on the last check Monday.
 

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