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, [email protected], https://payroc.com/
SOURCE Payroc
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