i3 Verticals, Inc. (IIIV): M&A transaction — i3 Verticals closes $438M merchant services sale to Payroc; CFO transition

i3 Verticals, Inc.

Sale closed on Sept 20, 2024; purchase price ~$438M cash, subject to post-closing adjustments.
Proceeds used to repay ~$348M of long-term debt; remaining ~$87M added to cash.
Company refocuses on Public Sector/Education and Healthcare verticals.
Geoff Smith appointed CFO; Clay Whitson becomes Chief Strategy Officer, focusing on capital allocation and M&A.

item 2.01 item 5.02 item 7.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Appointed

Geoff Smith

Chief Financial Officer

IIIV · i3 Verticals, Inc.

Effective: 2024-09-20
Filed: September 23, 2024, 7:59 PM ET

the Board appointed Geoff Smith, age 37, who previously served as the Company’s Senior Vice President of Finance, to serve as the Company’s Chief Financial Officer, effective immediately.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Geoff Smith was appointed as Chief Financial Officer at i3 Verticals, Inc..

Action: appointed
Role: Chief Financial Officer

Exact text from the filing

the Board appointed Geoff Smith, age 37, who previously served as the Company’s Senior Vice President of Finance, to serve as the Company’s Chief Financial Officer, effective immediately.

View on SEC.gov

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

i3 Verticals, Inc. completed a disposition involving Payroc Buyer, LLC for approximately $438 million (closed 2024-09-20).

Action: disposition
Counterparty: Payroc Buyer, LLC
Consideration: approximately $438 million
Closing: 2024-09-20

Exact text from the filing

which was entered into immediately prior to the Closing. Pursuant to the terms of the Purchase Agreement, Buyer paid to Sellers an aggregate purchase price of approximately $438 million (after giving effect to estimated net working capital, indebtedness and cash adjustments), payable in cash at the Closing, subject to post-closing purchase price adjustments. At

View on SEC.gov

24 m&a transactions filed in the last 30 days. Browse all m&a transactions →

i3 Verticals, Inc. filing history →

Source: SEC EDGAR

accession 0001728688-24-000088

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.