Payroc Expands Payment Solutions With Acquisition of I3 Verticals’ Merchant Services Business
Payment platform Payroc has completed its previously announced acquisition of the merchant services business of i3 Verticals.
With this acquisition, which was announced in June, Payroc will provide payment solutions to a broader range of partners and merchants, the company said in a Monday (Sept. 23) press release.
“i3’s merchant services business is an ideal fit for Payroc, and I am especially eager to meet those i3 team members and i3 partners who join us on our journey,” Jim Oberman, CEO of Payroc, said in the release.
Payroc now serves about 190,000 merchant customers across the United States, Canada, the Caribbean, the United Kingdom and the European Union, processing over $115 billion of annual processing volume, according to the release.
The payment solutions brought together by the acquisition cater to a range of industries, including retail, hospitality, healthcare and unattended verticals, per the release.
“The Payroc team and I are looking forward to continuing to strengthen not only our distribution capabilities and software solutions, but also our place in the market with the acquisition of i3 Verticals’ merchant services business,” Adam Oberman, president of Payroc, said in the release.
In its own Monday press release about the completion of the sale of its merchant services business, i3 Verticals said the purchase price paid at closing was about $438 million in cash, subject to post-closing purchase price adjustments.
“Following this divestiture, i3 Verticals is a vertical market software business focused solely on the public sector (including education) and healthcare verticals,” Greg Daily, chairman and CEO of i3 Verticals, said in the release. “We are confident that our valued employees have found a wonderful home at Payroc.”
This news comes about seven months after Payroc acquired Canadian firm SterlingCard Payment Solutions, saying that move enhances Payroc’s offerings in the Canadian market by adding Sterling’s card-present solution to its existing enterprise card-not-present and ACH/PAD capabilities.
In May 2023, a Payroc said one of its subsidiaries acquired Atlantic Merchant Services, adding that the purchase complements Payroc’s growth strategy and adds to the capabilities of Atlantic Merchant Services, which provides merchant processing solutions for businesses and organizations in the mid-Atlantic region.
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