i3 Verticals Sells Healthcare RCM Business

By Bobby Samwell • Sunday, November 23 15:25 • Permanent Link

i3 Verticals, Inc. has recently released its 10-K report, detailing its business operations and financial performance. The company provides enterprise software and services solutions to public sector entities in the United States and Canada, with a focus on mission-critical software for government functions, including courts, transportation, utilities, revenue, and schools.

In the 10-K report, i3 Verticals highlights the sale of its Healthcare RCM Business on May 5, 2025, for a purchase price of $96.3 million, which contributed $22.5 million of revenue for the year ended September 30, 2025. Additionally, the company completed the sale of its Merchant Services Business on September 20, 2024, for an aggregate purchase price of approximately $439.5 million.

The report also discusses the company's acquisitions during the year ended September 30, 2025, including the acquisition of a business to expand its Public Sector utility billing software offerings for a total purchase consideration of $10.3 million. Moreover, i3 Verticals completed the acquisition of certain assets of a business to expand its customer footprint for a total purchase consideration of $2.0 million in cash.

In terms of financials, i3 Verticals reported $66.7 million of cash and cash equivalents and $400.0 million of available capacity under its 2023 Senior Secured Credit Facility as of September 30, 2025. The company also highlighted its revenue streams, which include software and related services revenue, volume-based payment processing fees, and fixed transaction or service fees. On the expense side, the report details costs of services, selling, general and administrative expenses, depreciation and amortization, and interest expense.

After the sale of its Merchant Services Business and Healthcare RCM Business, i3 Verticals now operates with one operating segment, providing mission-critical enterprise software and services solutions to its public sector customers. Following these announcements, the company's shares moved 2.13%, and are now trading at a price of $23.94. Check out the company's full 10-K submission here.

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