Business
i3 Verticals Reports Acquisition and Inducement Equity Grants
NASHVILLE, Tenn.--(BUSINESS WIRE)-- i3 Verticals, Inc. (Nasdaq: IIIV) (the “Company”), today announced an acquisition that further strengthens its focus in
About this update from I3 Verticals, Inc.
[{"type":"text","content":" NASHVILLE, Tenn.--(BUSINESS WIRE)--\ni3 Verticals, Inc. (Nasdaq: IIIV) (the “Company”), today announced an acquisition that further strengthens its focus in the Company’s Healthcare vertical. The acquisition was effective on October 1.\n\nThe acquired business provides comprehensive revenue cycle management and related administrative and consulting services for hospitals, including academic teaching institutions with residents, practice groups and healthcare providers primarily in the southeast. This business leverages its secure and customizable proprietary software, seamless integrations with various medical records systems, and established relationships with payers (including direct claims to Medicare and Medicaid), to offer its customers prompt and reliable services.\n\nThe Company will discuss this acquisition in further detail during its upcoming fourth quarter and year-end earnings call in November.\n\nChairman and CEO Greg Daily commented, “This business significantly expands our presence in the Healthcare vertical. It is a rock-solid company with robust software capabilities, decades of experience with revenue cycle management, and a seasoned management team that is accustomed to growth and high customer satisfaction. This is our fourth acquisition in the Healthcare vertical, and we are pleased to continue to execute our acquisition strategy with a focus on high-growth verticals.”\n\nThe aggregate cash consideration paid at closing was $60,000,000.\n\nIn connection with this acquisition, the Company granted equity awards under its 2020 Acquisition Equity Incentive Plan to employees in accordance with Nasdaq Listing Rule 5635(c)(4). The Company granted options to purchase a total of 600,000 shares of the Company’s Class A common stock to 419 employees as a material inducement for them 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 $24.27, the closing price per share of the Company’s Class A common stock as reported by Nasdaq on October 1, 2021, the date of grant.\n\nAbout i3 Verticals\n\nHelping drive the convergence of software and payments, the Company delivers integrated payment and software solutions to small and medium-...