i3 Verticals (NASDAQ: IIIV) is a software company that provides software solutions and related services to public sector and government end markets. Revenue comes primarily from software licensing, subscription, and related services fees following the divestiture of its Merchant Services Business in the fourth quarter of FY2024 and the sale of its healthcare revenue cycle management business to Infinx, Inc. on May 5, 2025. The company's core business, as described in its 10-K filed November 21, 2025, is delivering software solutions after shedding its payments and healthcare RCM segments. Gregory Daily serves as Chief Executive Officer, Clay Whitson as Chief Strategy Officer, and Geoff Smith as Chief Financial Officer. The company operates as a holding company through i3 Verticals, LLC and is party to a Tax Receivable Agreement with its Continuing Equity Owners covering 85% of estimated future tax benefits arising from the reorganization transactions conducted at IPO.

Revenue model

Software licensing, subscription, and related services fees. Prior to FY2024, the company also earned revenue from payment processing and, until May 2025, from healthcare revenue cycle management services. Following the disposal of those segments, the company reclassified certain expenses to align with its software-primary business model.

Products and services

Software solutions and related services including software installation, client data conversion, personnel training, and customer support. The company previously operated a Merchant Services Business (divested Q4 FY2024) and a healthcare revenue cycle management business with proprietary technology (sold to Infinx, Inc. on May 5, 2025).

Customers and end markets

Public sector and government entities. The 10-K filed November 21, 2025 identifies software solutions for these end markets as the core business following the divestitures of the payments and healthcare RCM segments.

Value-chain role

Software provider and services vendor to public sector customers. Distributes through distribution partners who receive residual payments included in cost of services.

Source: SEC 10-K, filed 2025-11-21

Industry: Services-Prepackaged Software Peers: Cass Information Systems Inc Conduent Inc Paya Holdings Inc. International Money Express Inc Ibex Ltd MONEYGRAM INTERNATIONAL INC Repay Holdings Corp Visa Inc