i3 Verticals, Inc. IIIV

Company Overview

i3 Verticals, Inc. is a U.S.-based financial technology and integrated payments company that provides software solutions and payment processing services to public sector agencies, healthcare organizations, educational institutions, courts, utilities, and small-to-medium-sized businesses. The company operates primarily in the fintech and software-as-a-service sectors, combining proprietary and third-party software platforms with embedded payment capabilities. Its business model centers on recurring revenue generated through software subscriptions, transaction processing fees, and service contracts.

The company was founded in 2012 and is headquartered in Nashville, Tennessee. i3 Verticals expanded through a combination of organic development and acquisitions, building a portfolio of vertical-market software businesses focused on specialized end markets. The company has emphasized integrated payment-enabled software platforms as a strategic differentiator, particularly in highly regulated or workflow-intensive sectors such as public administration and healthcare. Its evolution has included a transition from a broad payments-focused consolidator toward a more software-centric operating structure intended to increase recurring revenue and margin stability.

Business Operations

i3 Verticals organizes its operations around software-enabled service platforms and integrated payment technologies. Historically, the company reported operations through segments including Public Sector & Healthcare and merchant services-related activities, with increasing strategic emphasis on recurring software revenue tied to enterprise workflows. The company generates revenue from software licensing and subscriptions, implementation and maintenance services, transaction processing fees, and integrated payment facilitation. Public sector offerings include court management, utility billing, permitting, tax systems, and ERP-related software, while healthcare operations support patient payment processing and practice workflow management.

The company operates primarily within the United States, though some technology and service capabilities support broader payment network connectivity. i3 Verticals controls a portfolio of proprietary software assets and integrated payment technologies obtained through internal development and acquisitions. Its growth strategy has relied heavily on acquiring niche software providers and integrating payment functionality into those platforms. Subsidiaries and acquired businesses have included specialized public sector and healthcare software firms that expanded the company’s presence in municipal and institutional markets. The company also maintains relationships with financial institutions, payment networks, and technology vendors necessary to support transaction processing infrastructure.

Strategic Position & Investments

i3 Verticals has pursued a strategy focused on becoming a vertically integrated software and payments provider in markets characterized by complex workflows, regulatory requirements, and high customer retention rates. The company has increasingly prioritized software-centric revenue streams over standalone merchant acquiring activities. This strategic direction has included investments in cloud-based platforms, modernization of public sector technology systems, and deeper integration of payment capabilities into operational software environments. Company filings and investor communications have emphasized recurring revenue growth, cross-selling opportunities, and operational efficiencies through platform consolidation.

Acquisition activity has been central to the company’s expansion strategy. i3 Verticals has acquired numerous software and payment businesses across government technology, healthcare, education, and utility administration sectors. Notable investments have included companies supporting municipal ERP systems, court technologies, and healthcare workflow applications. The company has also completed divestiture activity intended to sharpen focus on software-led operations. Emerging areas of emphasis include digitization of government workflows, electronic billing and collections, integrated civic technology systems, and payment-enabled SaaS applications serving institutional customers.

Geographic Footprint

i3 Verticals’ operations are concentrated primarily in the United States, where it serves government agencies, healthcare providers, educational institutions, and commercial customers across multiple states and municipalities. Its headquarters are located in Nashville, Tennessee, and the company maintains operational offices and service centers tied to acquired software businesses and regional client support functions. The company’s customer footprint spans local governments, courts, school systems, utilities, and healthcare providers nationwide.

Although the company does not maintain a broad multinational operating structure comparable to larger global fintech firms, its payment processing capabilities connect through international card and banking networks that support electronic transactions. Its strategic influence is strongest in domestic vertical software markets, particularly within the U.S. public sector technology ecosystem. Public filings and investor materials indicate that revenue remains overwhelmingly U.S.-based, with limited disclosure regarding material international operations.

Leadership & Governance

i3 Verticals was co-founded by industry executives with backgrounds in payment processing and financial technology consolidation. Leadership has consistently emphasized disciplined acquisition strategy, recurring revenue expansion, and the integration of software with payment functionality. Governance oversight is provided through a board structure aligned with public company reporting standards under SEC filings, including annual reporting through Form 10-K and quarterly disclosures through Form 10-Q filings.

Key executives include:

• Greg Daily – Chairman and Chief Executive Officer
• David Morgan – President
• John Payne – Chief Financial Officer
• Michael Dickerson – Chief Strategy Officer
• Marlin McKenzie – Chief Administrative Officer

Management communications have consistently highlighted a long-term strategic vision centered on vertical-market software leadership, embedded payments, and disciplined capital allocation through targeted acquisitions and operational integration.