i3 Verticals, Inc., and Payroc WorldAccess, LLC, a leading omni-channel payments provider, announced the closing of the previously announced sale of i3 Verticals’ merchant services business, including its associated proprietary technology, to Payroc. The purchase price paid at closing to the Company was approximately $438 million in cash (after giving effect to estimated purchase price adjustments), subject to post-closing purchase price adjustments.
Greg Daily stated, “This completed transaction marks a significant moment for our company. Following this divestiture, i3 Verticals is a vertical market software business focused solely on the Public Sector (including Education) and Healthcare verticals. We are confident that our valued employees have found a wonderful home at Payroc.”
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Jim Oberman expressed his excitement, “We are thrilled that this transaction has closed. This business is an ideal fit for Payroc, and I am especially eager to meet those i3 team members and i3 partners who will be joining us on our journey with Payroc.”
Chief Financial Officer Transition and Appointment of Chief Strategy Officer
i3 Verticals also announced that Geoff Smith, who previously served as the Company’s Senior Vice President of Finance, has been appointed to serve as the Company’s Chief Financial Officer, and Clay Whitson, who previously served as the Company’s Chief Financial Officer, has been appointed to a newly created position of Chief Strategy Officer. In Mr. Whitson’s new role, he will focus on capital allocation, M&A and investor relations.
Greg Daily stated, “We are excited to announce the appointment of Geoff as Chief Financial Officer and Clay’s new role as our Chief Strategy Officer. Geoff has excelled at taking on increasing responsibilities over the last few years and we are confident this will be a smooth transition. This transition will give Clay time to work side-by-side with Rick Stanford, our President, and me on a variety of projects across the Company. In addition to continuing as a vital member of our executive team, Clay will also remain a member of our Board of Directors. I would like to congratulate Geoff and Clay on their new roles, and we look forward to their continued leadership.”
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