Pursuing integrated payments and software developers that facilitate the payment type appears to be paying off for i3 Verticals Inc.
The Nashville, Tenn.-based firm said integrated payments accounted for 51% and 49% of its payment volume in the third quarter and nine-month period, respectively. That’s up from 49% in the second quarter and 47% for the first six months. It’s also an increase from the 2018 figure of 42%. Its fiscal year begins Oct. 1.
I3 Verticals serves business-to-business, e-commerce, education, health care, government, nonprofit, property management, and retail and hospitality merchants. Among its brands are PaySchools, Court Solutions, and Axia Payments. Among its most recent acquisitions—it closed on four in the third quarter—is the $52.7 million purchase of Pace Payment Systems Inc., which focuses on the public sector and education markets.
“Our recent acquisitions expanded our market opportunities in two of our key verticals—public sector and education,” Greg Daily, i3 Verticals chairman and chief executive, said in a statement. “We are excited about our momentum in these markets, and we remain optimistic about our prospects to deliver software solutions that meet our customers’ needs and drive our revenue growth.”
i3 Verticals reported $97.5 million in revenue for its fiscal third quarter ending June 30, a 15.4% increase from $84.5 million a year ago. The commerce and point-of-sale application firm, improved its net loss to $593,000 from $655,000 last year.