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i3 Verticals Buys Business Information Systems in $87.7 Million Cash, Stock Deal

· 02/07/2021 23:08

04:03 AM EST, 02/08/2021 (MT Newswires) -- i3 Verticals (IIIV) said late Friday it has acquired substantially all assets of Business Information Systems, a provider of software and electronic payment services, in an $87.7 million cash-and-stock transaction.

Under the deal, the company will pay $52.5 million in cash and issue $$35.2 million in class A common shares. It also includes a contingent payment of $16 million, subject to certain growth metrics.

The information technology services company plans to issue guidance on its fiscal 2021 adjusted net revenue, adjusted EBITDA and adjusted diluted EPS on Feb. 8.

Shares were up 0.6% Friday during after-hours trading.

Price: 32.61, Change: +1.24, Percent Change: +3.95