i3 Verticals Business Summary

i3 Verticals, Inc. (IIIV) operates as a pure-play vertical market software provider following the strategic divestiture of its Merchant Services and Healthcare Revenue Cycle Management businesses in late 2024 and mid-2025. The company generates approximately 80% of its revenue through recurring streams, primarily driven by cloud-native SaaS subscriptions and transaction-based fees from its integrated payment facilitation platform. Its operations are concentrated in the Public Sector and Education segments, delivering mission-critical solutions for court case management (JusticeTech), utility billing, transportation, and school administration. As of February 2026, the company continues to execute a "build, buy, and integrate" strategy, recently acquiring a motor vehicle insurance verification software firm to deepen its transportation vertical. Direct competitors include Tyler Technologies, EverCommerce, Constellation Software, and Blackbaud; i3 Verticals differentiates itself as a specialized mid-cap provider focused on high-margin, non-discretionary government and educational workflows. The company was founded in 2012 by payments industry veteran Greg Daily and Saranya Kumar. Daily, who serves as Chairman and CEO, previously founded and led iPayment, Inc., bringing over three decades of experience in integrated financial technology to the firm. The senior leadership team includes President Rick Stanford, Chief Financial Officer Geoff Smith, and Chief Strategy Officer Clay Whitson, the latter of whom transitioned from the CFO role to lead capital allocation and M&A initiatives. Technical operations are overseen by Chief Technology Officer Michael O'Keefe and Chief Product Officer Chad Fenner. i3 Verticals maintains a strong institutional investor base, with significant positions held by The Vanguard Group, T. Rowe Price, and BlackRock, while its Board of Directors features experienced members such as David Wilds and Elizabeth Seigenthaler Courtney.