i3 Verticals Reports Two Acquisitions and Inducement Equity Grants
The first acquisition is of a business based in the upper Midwest that provides both proprietary and third party software and services in multiple states primarily to healthcare customers. The software improves operational efficiencies and work-flow process while breaking down barriers so customers can securely access patient information and streamline the process from admittance to discharge. The second acquisition is of a business that offers medical practice management software and solutions to its customers. This business is headquartered in the southeast and serves customers across the country.
The Company will discuss these acquisitions in further detail during its upcoming quarterly earnings call in May.
Chairman and CEO
The aggregate cash consideration paid at closing for the two deals was
In connection with these acquisitions, the Company granted equity awards under its 2020 Acquisition Equity Incentive Plan to certain employees in accordance with Nasdaq Listing Rule 5635(c)(4). The Company granted options to purchase a total of 225,000 shares of the Company’s Class A common stock to 50 employees as a material inducement for them 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
Helping drive the convergence of software and payments, the Company delivers 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, 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, the Company processed approximately
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Chief Financial Officer
General Counsel & Secretary