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Co-Manager

i3 Verticals

$76 Million 09/10/2020 Financial Technology & Payments Complete
Lead Bankers: Matt Kentner, Brett Huff, CFA
Public Companies
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Transaction Details

  • On September 10, 2020, i3 Verticals, Inc. (the “Company”) announced the pricing of an underwritten public offering of 3,250,000 shares of its Class A common stock at a price to the public of $23.50 per share
  • The Company also granted the underwriters a 30-day option to purchase up to an additional 487,500 shares of Class A common stock
  • The Company will use net proceeds from the offering to purchase 3,250,000 common units of i3 Verticals, LLC (“LLC Units”) directly from i3 Verticals, LLC
  • If the underwriters exercise their option to purchase additional shares in full, the Company will purchase 487,500 LLC Units, along with an equivalent number of shares of Class B common stock of the Company, from certain existing equity owners
  • i3 Verticals, LLC will use the net proceeds it receives for general corporate purposes, including to repay outstanding indebtedness and fund strategic acquisitions opportunities

About the company

Helping drive the convergence of software and payments, i3 Verticals delivers seamlessly integrated payment and software solutions to small- and medium-sized businesses and other organizations in strategic vertical markets, such as education, non-profit, the public sector, property management, and healthcare and to the business-to-business payments market. With a broad suite of payment and software solutions that address the specific needs of its clients in each strategic vertical market, i3 Verticals processed approximately $14.2 billion in total payment volume for the 12 months ended June 30, 2020.

Sources: Company filings and press release.
  1. This material has been prepared solely for informative purposes as of its stated date and is not a solicitation, or an offer, to buy or sell any security. It does not purport to be a complete description of the securities, markets or developments referred to in the material. Information included in the material was obtained from sources which we consider reliable, but we have not independently verified such information and do not guarantee that it is accurate or complete. No subsequent publication or distribution of this material shall mean or imply that any such information or opinion remains current at any time after the stated date of the material. We do not undertake to advise you of any changes in any such information or opinion. Additional information is available upon request.

  2. The offering of these securities is being made only by means of a prospectus, copies of which may be obtained from Stephens Inc.’s Equity Syndicate Desk, at Stephens Inc., 111 Center Street, Little Rock, AR 72201, ATTN: Equity Syndicate Desk, or from the Securities and Exchange Commission’s website at www.sec.gov at the following link: https://www.sec.gov/Archives/edgar/data/1728688/000172868820000058/iiivsecondary2020-prosupp.htm. A registration statement relating to these securities has been filed with the Securities and Exchange Commission. No offer to buy the securities can be accepted and no part of the purchase price can be received until the registration statement has become effective, and any such offer may be withdrawn or revoked, without obligation or commitment of any kind, at any time prior to the notice of its acceptance given after the effective date.