---
schema_version: "secwatch.filing_event.v1"
accession: "0001728688-24-000088"
form_type: "8-K"
ticker: "IIIV"
cik: "0001728688"
company_name: "i3 Verticals, Inc."
filed_at: "2024-09-23T23:59:59+00:00"
generated_at: "2026-05-31T02:27:51.748041+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

# i3 Verticals closes $438M merchant services sale to Payroc; CFO transition

## Summary
- 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.

## SEC filing metadata
- accession: 0001728688-24-000088
- form_type: 8-K
- ticker: IIIV
- cik: 0001728688
- company_name: i3 Verticals, Inc.
- filed_at: 2024-09-23T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 2.01, 5.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1728688/000172868824000088/0001728688-24-000088-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1728688/000172868824000088/iiiv-20240920.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001728688-24-000088
- JSON: https://secwatch.observer/filing/0001728688-24-000088.json
- Plain text: https://secwatch.observer/filing/0001728688-24-000088.txt

## Key facts
- Executive change
  Geoff Smith was appointed as Chief Financial Officer at i3 Verticals, Inc..
  - Action: appointed
  - Role: Chief Financial Officer
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1728688/000172868824000088/0001728688-24-000088-index.htm
- M&A Transactions
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1728688/000172868824000088/0001728688-24-000088-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.