Payroc Signs an Agreement with i3 Verticals to Acquire Its Merchant Services Business
Summary
TINLEY PARK, Ill., June 26, 2024 /PRNewswire-PRWeb/ -- Payroc WorldAccess LLC ("Payroc"), the payments platform built for partners, today announced its intention to acquire the merchant services business and related payments software and technology solutions of i3 Verticals, LLC ("i3") in an all-cash transaction for $440 million, subject to certain purchase price adjustments. Upon closing, this exciting combination will further strengthen Payrocs distribution capabilities and expand upon its suite of proprietary software solutions available to its merchants and partners. Payroc is committed to delivering superior payments solutions through its long-tenured relationships with integrated and traditional sales partner channels. Our ongoing commitment to combine a personal relationship with payments technology will enhance growth for i3s partners and create opportunity for i3s team members that join Payroc once the transaction closes." Payroc (through its subsidiaries) is a registered Visa third-party processor, a Visa independent sales organization, a Mastercard third-party service provider, a Mastercard member service provider, a payment facilitator, an encryption support organization for Fifth Third Bank, National Association ("Fifth Third"), and, in Canada is registered with Peoples Trust Company, among many others.
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