i3 Verticals Reports Three Acquisitions and Inducement Equity Grants

About this update from I3 Verticals, Inc.

[{"type":"text","content":"\nAcquires Proprietary Software in Healthcare Vertical\n\n NASHVILLE, Tenn.--(BUSINESS WIRE)--\ni3 Verticals, Inc. (Nasdaq: IIIV) (the “Company”), today announced the acquisition of three companies that strengthen its vertical focus.\n\nThe first acquisition is within the Company’s fast-growing Public Sector vertical. This business is based in the southeast and provides software and services for public safety and law enforcement customers. The second acquisition is within the Company’s Healthcare vertical and offers medical billing and other software. This business is also headquartered in the southeast but serves customers across the country. The final acquisition offers proprietary technology that will augment the Company’s existing platform across several verticals. It is also based in the southeast and serves customers on a nationwide basis.\n\nChairman and CEO Greg Daily commented, “We are pleased about the growth of our Company and the continued success of our acquisition strategy. These three acquisitions enable us to offer new software to existing clients and to penetrate new geographies and markets. We are particularly excited about the ability to sell a proprietary software suite into the Healthcare vertical, which should accelerate our growth in that important vertical. Finally, our culture is critical to our success and we could not be more enthusiastic about the talent and the fit that each of these teams offer, and we look forward to working closely together with them.”\n\nThe aggregate cash consideration paid at closing for the three deals was $19,600,000.\n\nIn accordance with Nasdaq Listing Rule 5635(c)(4), the Company has granted equity awards under its 2020 Acquisition Equity Incentive Plan to the new employees who joined the Company in connection with these acquisitions. The Company granted options to purchase a total of 265,000 shares of the Company’s Class A common stock to 45 employees as a material inducement 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 $25.76, the closing price per share of the Company’s Class A common stock as reported by Nasdaq on October 1, 2020, the date of grant.\n\nAbout i3 Verticals\...

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