M&A Deal Summary

i3 Verticals Acquires Pace Payment Systems

On June 3, 2019, i3 Verticals acquired information technology company Pace Payment Systems from Claritas Capital for 53M USD

Acquisition Highlights
  • This is i3 Verticals’ 13th transaction in the Information Technology sector.
  • This is i3 Verticals’ 2nd largest (disclosed) transaction.
  • This is i3 Verticals’ 15th transaction in the United States.
  • This is i3 Verticals’ 2nd transaction in Tennessee.

M&A Deal Summary

Date 2019-06-03
Target Pace Payment Systems
Sector Information Technology
Buyer(s) i3 Verticals
Sellers(s) Claritas Capital
Deal Type Add-on Acquisition
Deal Value 53M USD

Target

Pace Payment Systems

Murfreesboro, Tennessee, United States
website
Pace Payment Systems is a service payment solution provider that serves businesses by offering payment processing services for Visa, MasterCard, Discover, etc. Pace Payment Systems was founded in 1999 and is based in Murfreesboro, Tennessee.

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Buyer(S) 1

Buyer

i3 Verticals

Nashville, Tennessee, United States

website


Category Company
Founded 2012
Sector Information Technology
Employees1,438
Revenue 318M USD (2022)
DESCRIPTION

i3 Verticals is a technology and integrated payments provider for a range of industry verticals throughout the United States. i3 Verticals was founded in 2012 and is based in Nashville, Tennessee.


DEAL STATS #
Overall 15 of 17
Sector (Information Technology) 13 of 14
Type (Add-on Acquisition) 15 of 17
State (Tennessee) 2 of 3
Country (United States) 15 of 17
Year (2019) 2 of 2
Size (of disclosed) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-03-12 iGov Solutions

Lake Mary, Florida, United States

iGov Solutions LLC is a one-stop shop for regulatory licensing software solutions. iGov Solutions LLC created a state-of-the-art software product, Integrated Licensing and Enforcement Management System known as iLEMS, as a commercial off-the-shelf and software-as-a-service (SaaS) product that is hosted in a FedRamp Certified Microsoft Azure Cloud. iGov is based in Lake Mary, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-02-05 Business Information Systems

Piney Flats, Tennessee, United States

Business Information Systems (BIS) is a data systems design partnership company that helps businesses and municipalities find solutions by using the latest computer technology and programming techniques. BIS was formed in 1977 and is located in Piney Flats, Tennessee.

Buy $88M

Seller(S) 1

DESCRIPTION

Claritas Capital is a private investment group focused on direct company and real estate investing. The Firm's equity group looks to partner with management in pursuit of healthcare, business services, and technology platform investments. Claritas does not have any company stage preferences and generally seeks to invest $2 to $5 million per transaction. The Firm's real estate group seeks to provide mezzanine debt and equity to retail, commercial, and multi-family properties. Claritas Capital was formed in 2002 and is based in Nashville, Tennessee.


DEAL STATS #
Overall 9 of 11
Sector (Information Technology) 1 of 1
Type (Add-on Acquisition) 7 of 8
State (Tennessee) 6 of 7
Country (United States) 9 of 11
Year (2019) 1 of 2
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-08-10 Precedent Health

Nashville, Tennessee, United States

Precedent Health, Inc. is specializes in Intraoperative Neurophysiological Monitoring (IONM) and patient registries by partnering with surgeons and hospitals to provide patients with optimal care during complex surgeries involving the neural structures. IONM is designed to warn the surgeon of any issues within the nervous system before they lead to permanent neurological injury. The use of IONM can reduce length of stay, allow for a faster recovery, and reduce the potential for corrective procedures.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-08-13 Intermountain Drilling Supply

Salt Lake City, Utah, United States

Intermountain Drilling Supply Corp. (IDS) is a distributor and manufacturer of consumable drilling supplies for customers serving the Mining, Construction, Environmental, Telecom, and Geothermal industries. Intermountain Drilling Supply is based in Salt Lake City, Utah.

Sell -