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i3 Verticals, Inc. reports developments tied to its public-sector enterprise software business, including financial results from continuing operations, annualized recurring revenue, SaaS revenue trends and adjusted EBITDA measures. The company provides cloud-native software and related services for government functions such as courts and public safety, public administration, utilities, transportation and schools.
Recurring company updates also cover earnings calls, investor conference participation, public-sector contract activity and product deployments such as i3 CourtOne, WVPASS and Resolv 360. News may also include completed acquisitions that expand the company’s transportation software capabilities, including motor vehicle insurance verification software.
i3 Verticals announced its acquisition of two software companies on April 1, enhancing its offerings in the Healthcare vertical. One business, from the upper Midwest, provides software to healthcare customers, improving operational efficiency and patient information access. The second, based in the southeast, offers medical practice management software nationwide. The total cash paid for both acquisitions was $17.4 million. Chairman and CEO Greg Daily highlighted untapped payment opportunities, aligning with the company's acquisition strategy to expand its product suite and market presence.
i3 Verticals (Nasdaq: IIIV) reported Q1 fiscal 2021 results, with revenues of $43.3 million, up 5% year-over-year. Adjusted net revenue was $44.9 million, an 8% increase. However, the company faced a $4.1 million net loss, contrasting with a net income of $1.9 million in Q1 fiscal 2020. Adjusted EBITDA decreased 8% to $10.9 million, representing 24.2% of adjusted net revenue, down from 28.5%. The company anticipates adjusted net revenue for the fiscal year to range between $198 million and $214 million.
i3 Verticals has acquired substantially all assets of Business Information Systems (BIS) for approximately $87.7 million, comprising $52.5 million in cash and $35.2 million in Class A common stock. This acquisition, the largest in i3's history, aims to enhance its Public Sector vertical with innovative payment solutions that facilitate cost savings for state and local governments. BIS brings a creative leadership team and about 150 new employees. Equity awards totaling 575,000 shares have also been granted to BIS employees.
i3 Verticals (Nasdaq: IIIV) will release its financial results for Q1 fiscal 2021 on February 8, 2021, after market close. The company will host a conference call on February 9, 2021, at 8:30 a.m. ET to discuss these results. Interested participants can join via phone at (929) 477-0577 or through the webcast on the company's website. i3 Verticals processed approximately $14.4 billion in payment volume for the 12 months ending September 30, 2020, focusing on software and payment solutions for SMBs across various sectors.
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i3 Verticals (Nasdaq: IIIV) reported its fiscal fourth quarter and year results ended September 30, 2020. Fourth quarter revenue was $38.3 million, down 65% year-over-year, while full-year revenue totaled $150.1 million, a 60% decline. Adjusted net revenue for Q4 was $38.4 million, decreasing 5%, with adjusted EBITDA at $9.7 million, a 17% drop. The company posted a net loss of $2.0 million in Q4. i3 Verticals completed seven acquisitions since July 2020, enhancing its offerings, particularly with the recent acquisition of ImageSoft for $40 million. The company refrained from providing 2021 financial outlook due to COVID-19 uncertainties.
i3 Verticals (Nasdaq: IIIV) will announce its financial results for Q4 and the fiscal year ending September 30, 2020, on November 19, 2020, post-market close. A conference call to discuss these results will be held on November 20, 2020, at 8:30 a.m. ET. Interested parties can listen in via telephone or webcast. Notably, i3 Verticals processed approximately $14.2 billion in total payment volume for the 12 months ending June 30, 2020, highlighting its role in delivering integrated payment solutions across various sectors.
i3 Verticals, Inc. (Nasdaq: IIIV) announced the acquisition of three companies to enhance its vertical focus. These include a public safety software provider, a healthcare billing software firm, and a technology provider for its platform. The total cash consideration for these acquisitions was $19.6 million. The CEO, Greg Daily, highlighted the importance of these deals in offering new solutions and expanding market reach. The acquisitions will also involve equity awards granted to new employees, enhancing employee retention.
i3 Verticals (Nasdaq: IIIV) announced its third-quarter financial results for the period ending June 30, 2020, will be released on August 10, 2020, after market close. A conference call to discuss these results is scheduled for August 11, 2020, at 8:30 a.m. EDT. Participants can join the call via telephone or webcast. The company processed approximately $14.7 billion in payment volume for the year ending March 31, 2020, catering to small- and medium-sized businesses in various sectors including education and healthcare.