i3 Verticals, Inc.
i3 Verticals, Inc. provides mission-critical enterprise software for public sector organizations, with cloud-native applications used by courts, public safety agencies, utilities, transportation entities, schools, and local government offices. The company operates across the United States and Canada and combines software, implementation, support, and integrated payment technology within its public sector platform.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueSoftware for courts, public safety, e-filing, records, jail, and dispatch workflows.
Government software for fund accounting, land records, appraisal, licensing, and tax collection.
Customer engagement, billing, and back-office software for utility operators.
Integrated payment facilitation, ACH, card, and gateway services embedded in software.
Products
Reported · share of revenue- License and Service69.9 %
- Proprietary Payments Revenue25.4 %
- Other Revenue4.7 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
The company sells primarily to state and local government entities and related agencies that need software to run core public functions. Its customer base also includes utilities and other public-sector-adjacent organizations that require workflow, billing, records, and payment capabilities. Customers buy these systems to improve service delivery, automate compliance-heavy processes, and connect front-office and back-office operations.
Buy cloud-native systems for courts, administration, records, licensing, and tax workflows.
Buy e-filing, case management, dispatch, jail, and evidence management software.
Buy customer engagement, billing, and back-office software to improve service and efficiency.
Buy CAD, RMS, mobile, and livescan tools for operational coordination and records.
Buy integrated payment and workflow tools tied to government service delivery.
Strategy
The company’s strategy centers on mission-critical public-sector software, recurring customer relationships, and embedded payment capabilities that deepen workflow integration. It also emphasizes acquisitions and cross-market selling, using shared services and market-focused support teams to expand within adjacent government and utility workflows. Maintaining implementation quality, renewals, and product breadth is important because customers tend to adopt systems that are difficult to replace.
Acquisitions broaden the product set and deepen public-sector coverage.
Existing government relationships can support additional software adoption.
Mission-critical systems are sticky when implementation and support are strong.
Geography
i3 Verticals serves customers across most of the United States and also has operations in Canada. Its footprint matters because public-sector software is typically sold and supported regionally, with implementations tied to local government rules, procurement processes, and agency workflows. Canada also creates some exposure to cross-border contract and trade-related sentiment.
Risks
The business is exposed to cybersecurity, data privacy, and service disruption risks because it handles sensitive government and public-safety information. It also faces procurement, budget, and political-cycle risk in public-sector markets, plus execution risk from acquisitions and software integrations. Broader macro pressure, AI governance uncertainty, and Canada-related trade sentiment can also affect contract renewals and customer spending.
- Cybersecurity breach or service disruptionImpact: HighLikelihood: Medium
The company stores and processes sensitive government and public-safety data.
Exposure: Cloud-native public-sector systems and payment platforms
- Public-sector budget and procurement pressureImpact: HighLikelihood: Low
Customers depend on government funding and formal procurement processes.
Exposure - Acquisition and integration executionImpact: MediumLikelihood: Medium
Growth strategy relies on buying and integrating software businesses.
Exposure - AI, privacy, and intellectual property uncertaintyImpact: MediumLikelihood: Medium
Use of AI in products can create legal, ethical, and regulatory exposure.
Exposure: Product development and data handling
- Canada-related trade and contract sentimentImpact: LowLikelihood: Low
Canadian customers may reduce business with U.S. vendors amid trade tensions.
Exposure: Canadian public-sector and related agency contracts
Accounting
Judgemental itemsDifferent deliverables recognize revenue at different times and can shift quarterly results.
Impact: SaaS, licenses, maintenance, and professional services
Acquisitions create judgment-heavy assets that may be written down if forecasts weaken.
Impact: Reported earnings and balance sheet carrying values
Acquisition earn-outs can remeasure liabilities through earnings.
Impact: Operating results and balance sheet volatility
Future payments tied to tax savings affect cash flow and liabilities over many years.
Impact: Cash obligations and long-term balance sheet presentation
Sold businesses are separated from continuing operations, affecting comparability.
Impact: Revenue and profit trend analysis
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Last updated: 24/09/2026