Payroc WorldAccess LLC ("Payroc") has announced its intention to
acquire the merchant services business and related payments
software and technology solutions of i3 Verticals, LLC ("i3"),
subject to certain purchase price adjustments.
TINLEY
PARK, Ill., June 26,
2024 /PRNewswire-PRWeb/ -- Payroc WorldAccess LLC
("Payroc"), the payments platform built for partners, today
announced its intention to acquire the merchant services business
and related payments software and technology solutions of i3
Verticals, LLC ("i3") in an all-cash transaction for $440 million, subject to certain purchase price
adjustments. Upon closing, this exciting combination will further
strengthen Payroc's distribution capabilities and expand upon its
suite of proprietary software solutions available to its merchants
and partners.
Following the completion of this transaction, Payroc will
process more than $115 billion of
annual processing volume for approximately 190,000 customers across
the United States, Canada, the Caribbean, the United Kingdom, and the European Union. Payroc
is committed to delivering superior payments solutions through its
long-tenured relationships with integrated and traditional sales
partner channels.
"Payroc is excited about this combination," said James Oberman, Chief Executive Officer of
Payroc. "The i3 merchant business is an ideal fit for Payroc, and
their values and goals align with ours. Our ongoing commitment to
combine a personal relationship with payments technology will
enhance growth for i3's partners and create opportunity for i3's
team members that join Payroc once the transaction closes."
Greg Daily, Chairman and CEO of
i3 stated, "i3 began as a payments business, and we built a
top-of-the-line merchant of record payment platform bringing a wide
variety of solutions to third-party partners and software
providers. We do not part with this platform lightly, and we
believe that it has a bright future. We are proud and appreciative
of our team managing this business and are confident we have found
them the right home."
Following the closing of the transaction, Payroc intends to
continue pursuing strategic acquisitions that combine talent,
technology, and best-in-class partners. The i3 acquisition will
allow Payroc to continue to be a leader among banking and
non-banking payments solutions.
The parties expect to close this transaction within 120 days of
signing, subject to the closing conditions being met and regulatory
approval.
About Payroc:
Payroc WorldAccess, LLC is a high-growth merchant acquirer,
processor, and payment integrations powerhouse that offers
best-in-class sales enablement and payment processing technology on
a global scale, delivering proprietary, innovative, and
full-service merchant acquiring solutions together with key card
brand network payment sponsorship registrations. Payroc (through
its subsidiaries) is a registered Visa third-party processor, a
Visa independent sales organization, a Mastercard third-party
service provider, a Mastercard member service provider, a payment
facilitator, an encryption support organization for Fifth Third
Bank, National Association ("Fifth Third"), and, in Canada is registered with Peoples Trust
Company, among many others. For more information, visit
payroc.com.
About i3 Verticals:
i3 Verticals, LLC delivers seamless integrated software and
services to customers in strategic vertical markets. Building on
its sophisticated and diverse platform of software and services
solutions, i3 creates and acquires software products to serve the
specific needs of public and private organizations in its strategic
verticals, including its Public Sector, Education and Healthcare
verticals.
Media Contact
Brock Robertson, Payroc,
844-729-7624, Brock.Robertson@payroc.com,
https://payroc.com/
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SOURCE Payroc