Business
i3 Verticals Reports Two Acquisitions and Inducement Equity Grants
NASHVILLE, Tenn.--(BUSINESS WIRE)-- i3 Verticals, Inc. (Nasdaq: IIIV) (the “Company”), today announced the April 1 acquisition of two software companies that
About this update from I3 Verticals, Inc.
[{"type":"text","content":" NASHVILLE, Tenn.--(BUSINESS WIRE)--\ni3 Verticals, Inc. (Nasdaq: IIIV) (the “Company”), today announced the April 1 acquisition of two software companies that further strengthen its focus in the Company’s Healthcare vertical.\n\nThe first acquisition is of a business based in the upper Midwest that provides both proprietary and third party software and services in multiple states primarily to healthcare customers. The software improves operational efficiencies and work-flow process while breaking down barriers so customers can securely access patient information and streamline the process from admittance to discharge. The second acquisition is of a business that offers medical practice management software and solutions to its customers. This business is headquartered in the southeast and serves customers across the country.\n\nThe Company will discuss these acquisitions in further detail during its upcoming quarterly earnings call in May.\n\nChairman and CEO Greg Daily commented, “These two businesses increase our product suites and footprint within our Healthcare vertical. In addition, we believe the payments opportunities for these two businesses are largely untapped and present us with additional growth potential. We continue to execute on our acquisition strategy and are extremely pleased with these acquisitions, both of which nicely match the profile of businesses that we want to join the i3 team. Their respective management groups have developed entrepreneurial cultures that will fit well with us and we look forward to further accelerating our vision with the addition of these companies.”\n\nThe aggregate cash consideration paid at closing for the two deals was $17,400,000.\n\nIn connection with these acquisitions, the Company granted equity awards under its 2020 Acquisition Equity Incentive Plan to certain employees in accordance with Nasdaq Listing Rule 5635(c)(4). The Company granted options to purchase a total of 225,000 shares of the Company’s Class A common stock to 50 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 $31.65, the closing price per share of the Company’s Class A co...