M&A - i3 Verticals, Inc.

Form Type: 8-K

Filing Date: 2025-05-06

Corporate Action: Acquisition

Type: New

Accession Number: 000172868825000081

Filing Summary: On May 5, 2025, i3 Verticals, LLC, a subsidiary of i3 Verticals, Inc., completed the sale of equity interests of certain wholly-owned subsidiaries which operate i3 Verticals' healthcare revenue cycle management (RCM) business to Infinx, Inc. The sale price was $96 million, paid in cash at closing. Prior to the sale, i3 LLC contributed certain assets and liabilities related to the RCM business to the entities being acquired. The purchase agreement includes various representations and covenants and calls for the provision of transition services and employee leasing agreements post-closing. i3 LLC also entered into a Second Amendment to its Credit Agreement to amend terms in light of the acquisition, including a reduction in its revolving line of credit from $450 million to $400 million. Furthermore, a press release was issued on May 6, 2025, announcing the completion of these transactions, which represented about 83% of the revenue for the Healthcare Segment for the fiscal year 2024.