i3 Verticals (IIIV)
Runs government workflow software with payments attached to public-sector transactions.
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Provides mission-critical software and related services for courts, public safety, public administration, transportation, utilities, and schools. Revenue is software-led, with proprietary payments attached to many government workflows and a business model shaped by public-sector procurement and acquisition integration.
Provides enterprise software and services for public-sector customers, centered on JusticeTech and Public Safety, Public Administration and ERP, Transportation, Utilities, Education, and embedded payments. The portfolio covers courts, public safety, land records, fund accounting, tax and revenue collection, motor-vehicle workflows, utility billing, school meal programs, ticketing, and related payments.
The business is concentrated in public-sector agencies at state, county, and local levels, mainly in the United States, with transportation products also serving Canada. Revenue is software-led and recurring-oriented, while proprietary payments remain attached to many workflows after the merchant-services divestiture.
Growth is tied to buying and integrating founder-led software businesses, cross-selling payment facilitation, and keeping mission-critical systems reliable for government customers. The operating model depends on public-sector procurement cycles, acquisition execution, and payment-processing rules.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 10, 2026 | DA Davidson | Reiterate | Rating: —Target: $30 | Target: $28 |
| Aug 10, 2026 | Keybanc | Reiterate | Rating: —Target: $30 | Target: $20 |
| Aug 10, 2026 | Benchmark | Downgrade | ||
| May 14, 2026 | Coker Palmer | Target | Target: $39 | Target: $30 |
| May 13, 2026 | DA Davidson | Reiterate | Rating: —Target: $35 | Target: $30 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $2.6M · Total debt $118.9M · Total assets $627.0M · Shareholders' equity $280.5M
- Revenue
- $53.1M
- Operating income
- −$892.0K
- Net income
- $5.7M
No dividends on record.
| Institutions | 82.55% | 21.73M shares | |
|---|---|---|---|
| 135 holders · as of Jun 30, 2026 | |||
| Insiders | 28.49% | 7.50M shares | |
| 7 holders · as of Mar 9, 2026 | |||
| Strategic holders | 7.22% | 1.90M shares | |
| 2 holders · as of Feb 3, 2022 | |||
| Adds to | 118.26% | ||
26.32M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Two share counts disagree (26.32M in the company's Sep 22, 2026 report, 23.90M elsewhere); stakes use the report.
These groups come from separate filings that can overlap, so they add to 118.26%; nothing is left for Other.
This company has 2 share classes; every stake here is a share of the whole company.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Gregory S. Daily1Insiderdirector, 10 percent owner, officer: Chief Executive Officer | 27.80% | 138,544 A · 4.51M B · 4.51M | filed Jan 27, 2021 |
BlackRock, Inc.Institution | 6.85% | 1.80M A | as of Jun 30, 2026 |
BlackRock, Inc.Strategic | 5.78% | 1.52M | filed Feb 3, 2022 |
TimesSquare Capital Management, LLCInstitution | 5.31% | 1.40M | filed Feb 12, 2021 |
Geneva Capital Management LLCInstitution | 4.52% | 1.19M A | as of Jun 30, 2026 |
- The filed share classes (A, B, COMMON) could not be matched to the company's, so no percentage.
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| May 14, 2026 | Gregory S. Daily | director, 10 percent owner, officer: Chief Executive Officer | +50,000 | $19.23 |
| Mar 6, 2026 | Paul Christians | officer: Chief Revenue Officer | −6,122 | $23.23 |
| Dec 10, 2025 | David M. Wilds | director | −7,550 | |
| Dec 10, 2025 | David M. Wilds | director | +7,550 | |
| Dec 3, 2025 | Paul Christians | officer: Chief Revenue Officer | −9,000 | $23.27 |
- Tyler Technologies
Broadest overlap in public-sector ERP, courts, safety, utilities, and payments
- CGI
State and local government ERP, budgeting, procurement, and collections overlap
- Motorola Solutions
Public-safety workflow overlap in CAD, records, evidence, and dispatch
- Axon Enterprise
Public-safety records and digital evidence overlap with cloud RMS
- Paymentus
Government and utility bill-payment overlap across citizen payment channels
- Verra Mobility
Transportation-government overlap in tolling, violations, and registration
- ACI Worldwide
Biller payment overlap in government, utilities, and higher education
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| i3 Verticals | $14.94 | +1.27% | $352.5M | 42.3 | 12.3 | 1.6 | +2.3% |
| Tyler Technologies | $331.17 | −0.39% | $13.62B | 44.1 | 23.1 | 5.6 | +8.2% |
| CGI | $69.62 | +0.29% | $14.84B | 12.1 | 10.9 | 1.3 | −1.7% |
| Motorola Solutions | $458.66 | −0.59% | $76.58B | 36.3 | 25.3 | 6.3 | +13.3% |
| Axon Enterprise | $459.43 | +1.63% | $36.44B | 187.4 | 51.2 | 11.3 | +35.3% |
| Paymentus | $32.84 | −4.81% | $4.33B | 52.3 | 33.2 | 3.2 | +28.8% |
| Verra Mobility | $3.48 | −1.28% | $534.7M | 13.5 | 3.8 | 0.5 | +11.7% |
| ACI Worldwide | $49.67 | +0.15% | $5.04B | 22.7 | 19.0 | 2.8 | +7.3% |
| Median | 36.3 | 23.1 | 3.2 | +11.7% |