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i3 Verticals Closes Acquisition of Software Firm for USD 85m
Wednesday 05 October 2022

US-based integrated payment and software solutions i3 Verticals, Inc. (NASDAQ: IIIV) has acquired a provider of enterprise software solutions for the motor carrier and motor vehicle markets in the US States and Canada, the company said.

The total consideration paid for the acquisition was approximately USD 85m.

i3 Verticals company currently expects the acquisition to be accretive to pro forma adjusted diluted earnings per share. The company will discuss this acquisition in further detail during its upcoming fourth quarter and year-end earnings call in November.

In connection with the acquisition, the company expanded its revolving credit facility to USD 375m from USD 275m, with a bank group led by Bank of America.

The company currently expects its total leverage ratio to remain close to 4.0x as of September 30, 2022, the end of its fourth fiscal quarter of 2022.

Assuming no further significant acquisition activity, i3 Verticals also expects its total leverage ratio to remain close to 4.0x at December 31, 2022, the end of its first fiscal quarter of 2023.

The company offers seamless integrated payment and software solutions to customers and end users in strategic vertical markets.
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Date Published: 05/10/2022

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