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.

14,9 %

8,4 %

+11,5 %

1.95

1.91

— i3 Verticals, Inc.
%
JusticeTech40% Software for courts, public safety, e-filing, records, jail, and dispatch workflows.
Public Administration30% Government software for fund accounting, land records, appraisal, licensing, and tax collection.
Utilities20% Customer engagement, billing, and back-office software for utility operators.
Payment Technology10% Integrated payment facilitation, ACH, card, and gateway services embedded in software.

The company sells primarily to state and local government entities and related agencies that need software to run core...

  • State and local government agenciesprimary

    Buy cloud-native systems for courts, administration, records, licensing, and tax workflows.

  • Courts and justice agenciesprimary

    Buy e-filing, case management, dispatch, jail, and evidence management software.

  • Utilitiessecondary

    Buy customer engagement, billing, and back-office software to improve service and efficiency.

  • Public safety organizationssecondary

    Buy CAD, RMS, mobile, and livescan tools for operational coordination and records.

  • Related agencies and public-sector service providerssecondary

    Buy integrated payment and workflow tools tied to government service delivery.

i3 Verticals serves customers across most of the United States and also has operations in Canada...

  • •Most revenue and installations are in the United States
  • •The company also serves customers in Canada
  • •Public-sector software is deployed locally, not from one central market
  • •Regional procurement and compliance requirements shape sales cycles
  • •Canada adds modest cross-border exposure and contract retention risk

The company’s strategy centers on mission-critical public-sector software, recurring customer relationships, and...

01
Acquire and integrate complementary software businessesmedium-term

Acquisitions broaden the product set and deepen public-sector coverage.

02
Increase cross-sell across public-sector verticalsshort-term

Existing government relationships can support additional software adoption.

03
Strengthen platform integration and customer retentionshort-term

Mission-critical systems are sticky when implementation and support are strong.

The business is exposed to cybersecurity, data privacy, and service disruption risks because it handles sensitive...

high

Cybersecurity breach or service disruption

The company stores and processes sensitive government and public-safety data.

Scope
Cloud-native public-sector systems and payment platforms
Materiality
high
high

Public-sector budget and procurement pressure

Customers depend on government funding and formal procurement processes.

Scope
Courts, administration, utilities, and public safety contracts
Materiality
high
medium

Acquisition and integration execution

Growth strategy relies on buying and integrating software businesses.

Scope
Product integration, customer onboarding, and support
Materiality
high
medium

AI, privacy, and intellectual property uncertainty

Use of AI in products can create legal, ethical, and regulatory exposure.

Scope
Product development and data handling
Materiality
medium
low

Canada-related trade and contract sentiment

Canadian customers may reduce business with U.S. vendors amid trade tensions.

Scope
Canadian public-sector and related agency contracts
Materiality
medium
Revenue recognition across mixed software and services contracts
SaaS, licenses, maintenance, and professional services
Goodwill and intangible asset impairment
Reported earnings and balance sheet carrying values
Contingent consideration
Operating results and balance sheet volatility
Tax receivable agreement
Cash obligations and long-term balance sheet presentation
Discontinued operations
Revenue and profit trend analysis

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: 29/04/2026