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I3 Verticals acquires Pace Payment Systems in $53M deal

I3 Verticals Inc. closed the acquisition of Pace Payment Systems Inc. for about $52.7 million.

Pace has the potential to earn an additional $20 million if it meets certain growth targets from Jan. 1, 2020, to Dec. 31, 2021.

I3 Verticals and Pace Payment Systems both offer integrated payment and software solutions to businesses. For the past 12 months ending March 31, i3 Verticals processed $11.9 billion in total payment volume.

I3 Verticals revised its outlook for the fiscal year following the acquisition. The company anticipates recording 80 cents to 85 cents in adjusted diluted earnings per share, and it expects Pace to have an annual run rate of about $5 million in adjusted EBITDA.