I3 Verticals, Inc. acquired Substantially all of the Assets of Business Information Systems Inc and Business Information Systems, GP for approximately $110 million.
February 04, 2021
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i3 Verticals, Inc. (NasdaqGS:IIIV) acquired Substantially all of the Assets of Business Information Systems Inc. and Business Information Systems, GP for approximately $110 million on February 1, 2021. As part of the consideration i3 paid $52.5 million in cash consideration paid at closing, subject to certain post-closing working capital adjustments, 1.20 million shares of the Company’s Class A common stock, $0.0001 par value (“Common Stock”) issued to BIS GP and certain of its designees, and contingent consideration of up to $16 million, subject to the satisfaction of certain growth metrics over established time periods. In connection with the acquisition, the Company granted equity awards under its 2020 Acquisition Equity Incentive Plan to certain BIS employees in accordance with Nasdaq Listing Rule 5635(c)(4). The Company granted options to purchase a total of 575,000 shares of the Company’s Class A common stock to fifty-six employees as a material inducement to enter into employment with the Company. These stock options will vest ratably over three years, subject to the employees’ continued service to the Company through each applicable vesting date. The stock options have an exercise price equal to $29.30, the closing price per share of the Company’s Class A common stock as reported by Nasdaq on February 1, 2021, the date of grant.
i3 Verticals, Inc. (NasdaqGS:IIIV) completed the acquisition of Substantially all of the Assets of Business Information Systems Inc and Business Information Systems, GP on February 1, 2021.
i3 Verticals, Inc. builds, acquires, and grows software solutions in strategic vertical markets. The Company operates through two segments: Merchant Services and Software and Services. The Software and Services segment delivers vertical market software solutions to customers across all of its strategic vertical markets. These solutions often include embedded payments or other recurring services. The Merchant Services segment provides comprehensive payment solutions to businesses and organizations. Its Merchant Services segment includes third-party integrated payment solutions as well as traditional merchant processing services across its vertical markets. It offers integrated digital solutions offering dynamic processes to plan, coordinate, evaluate, record, and provide up to date information within court systems. It offers solutions for driver license, vehicle title and registration and motor carrier compliance for departments of transportation in the United States and Canada.
I3 Verticals, Inc. acquired Substantially all of the Assets of Business Information Systems Inc and Business Information Systems, GP for approximately $110 million.