i3 Verticals, Inc. ("i3 Verticals") and Payroc WorldAccess, LLC ("Payroc") have successfully completed the sale of i3 Verticals' merchant services business, including its associated proprietary technology, to Payroc. The purchase price paid at closing was approximately $438 million in cash, subject to post-closing purchase price adjustments.
Following the divestiture, i3 Verticals is now exclusively focused on the public sector (including education) and healthcare verticals. This strategic shift marks a significant moment for the company and positions it as a specialized vertical market software business.
In addition to the sale, i3 Verticals also announced a chief financial officer transition and the appointment of a chief strategy officer. Geoff Smith, who previously served as the company’s senior vice president of finance, has been appointed as the company’s chief financial officer. Meanwhile, Clay Whitson, the former chief financial officer, has been appointed to a newly created position of chief strategy officer, where he will focus on capital allocation, M&A, and investor relations.
Geoff's appointment as chief financial officer reflects his successful track record and increasing responsibilities within the company. This transition allows Clay to work closely with the company's president and CEO on various projects while also continuing as a vital member of the executive team and a member of the board of directors.
The completed sale and the executive appointments mark a strategic repositioning for i3 Verticals, aligning the company with its new focus on specific vertical markets and enhancing its leadership team to drive future growth and success. Today the company's shares have moved -3.0% to a price of $21.99. If you want to know more, read the company's complete 8-K report here.
