A public company that makes payment processing software has wrapped up the second-largest acquisition in its 23-year history.
Green Hills-based i3 Verticals Inc. (Nasdaq: IIIV) spent about $85 million buying another software business, according to a company press release.
To find out who it is, tune into the company's earnings call next month.
According to i3 Verticals, the newly acquired company has customers in the "motor carrier and motor vehicle markets" in 18 U.S. states and four Canadian provinces. CEO Greg Daily said the company has "products for transportation departments at the state [government] level."
Terms of the deal were not disclosed, though the i3 release described the $85 million as "total consideration paid," indicating that it may involve more than cash.
Daily said the newly acquired company "fits particularly well" with this $87.7 million acquisition that i3 made in early 2021. In that deal, i3 used a mix of cash and company stock.
