Who Owns i3 Verticals Company?

i3 Verticals Bundle

Get Full Bundle:

	5 FORCES	$15	$10
	BCG	$15	$10
	CANVAS	$15	$10
	4P's MIX	$15	$10
	PESTLE	$15	$10
	SWOT	$15	$10

TOTAL:

ADD TO CART

Who owns i3 Verticals now?

A 2018 IPO transformed Nashville-based i3 Verticals from a sponsor-backed roll-up into a public payments and vertical software platform led by founder Gregory S. Daily and industry operators. By FY2024 it reported a $0.9–1.1 billion revenue run-rate and mid‑teens adjusted EBITDA margins.

Ownership has shifted from founders and sponsors toward institutional investors and a public float, affecting governance, strategic M&A focus, and accountability; see i3 Verticals Porter's Five Forces Analysis for competitive context.

Founders and early ownership of i3 Verticals centered on payments entrepreneur Gregory S. Daily, who launched the company in 2012 and served as Executive Chairman and CEO, with early leadership including CFO Clay Whitson and a small cohort of operating partners executing a buy-and-build roll-up strategy.

Founder leadership

Gregory S. Daily was the primary founder-shareholder and operational leader at inception, drawing on prior PMT Services experience.

Early executive team

CFO Clay Whitson and other industry veterans formed a concentrated management ownership group focused on M&A execution.

Sponsor backing

Initial capital primarily came from a private equity sponsor group that financed acquisitions of ISOs and vertical software assets.

Cap table design

Founder/management and sponsor vehicles collectively held a majority pre-IPO; formal filings show Daily as the single-largest individual holder.

Equity mechanics

Standard four-year vesting with one-year cliffs applied to options/RSUs; change-in-control and earnout provisions appeared in acquisition agreements.

Governance

Protective provisions and board consent rights mirrored sponsor governance norms to maintain control during the roll-up phase.

Pre-IPO SEC filings and company disclosures indicate minimal friends-and-family stakes, ownership adjustments tied to acquisition earnouts and option exercises, and no public record of founder disputes; for related strategic context see Growth Strategy of i3 Verticals.

Key facts and implications

Early ownership structure shaped control, incentives, and the path to public markets.

• Founder Gregory S. Daily: primary individual founder-shareholder and CEO/Executive Chairman at inception.
• Early equity concentration: founders, management and sponsor vehicles held a collective majority pre-IPO.
• Sponsor capital: majority of initial funding for acquisitions came from private equity sponsors, not angel investors.
• Equity terms: typical four-year vesting with one-year cliffs and change-in-control protections applied to management awards.

i3 Verticals SWOT Analysis

• Complete SWOT Breakdown
• Fully Customizable
• Editable in Excel & Word
• Professional Formatting
• Investor-Ready Format

GET TEMPLATE ➔

Key events shaping i3 Verticals ownership include the June 2018 IPO (~$100–125 million gross proceeds), an active 2019–2021 M&A phase funded partly by equity issuance, and a 2022–2025 shift to dominant institutional ownership with no single controlling shareholder.

Ownership changes influenced governance, capital allocation, and strategy toward recurring software revenue and government/healthcare vertical depth favored by institutional holders.

Ownership evolution — facts at a glance

Institutional investors now control the clear majority of i3 Verticals shares while insiders retain meaningful but non-controlling stakes; public float remains the majority of ~30–40 million basic shares outstanding.

• 2018 IPO raised roughly $100–125 million
• By 2024 institutions (Vanguard, BlackRock, Wasatch, etc.) collectively exceeded 60–70%
• Insider ownership: low double digits; Gregory S. Daily largest individual insider
• Leverage after M&A typically kept near 2–3x net, balancing equity-funded deals with term debt

For ownership details, top-10 holders, and filing sources see SEC proxy and 13F filings and this analysis on company revenue and business model: Revenue Streams & Business Model of i3 Verticals

i3 Verticals PESTLE Analysis

• Covers All 6 PESTLE Categories
• No Research Needed – Save Hours of Work
• Built by Experts, Trusted by Consultants
• Instant Download, Ready to Use
• 100% Editable, Fully Customizable

GET TEMPLATE ➔

The i3 Verticals board (2024–2025) is led by a mix of independent directors with sector and M&A experience alongside founder/CEO Gregory S. Daily and senior executives, with an independent chair or lead independent director to balance founder influence as institutional ownership has grown.

Because i3 Verticals uses a standard common stock model, no single entity holds outsized formal voting control; institutional holders and insiders collectively shape outcomes via proxy voting and board nominations.

Board balance and voting power

The governance structure emphasizes independent oversight and alignment of pay to operational metrics, while maintaining one-share-one-vote for shareholders.

• Independent director majority supports audit and compensation oversight
• Founder/CEO retains executive role but balanced by independent chair or lead director
• No dual-class or super-voting share structure as of 2025
• Institutional holders are primary influencers through proxy voting

For investor research and context on company ethos and leadership, see Mission, Vision & Core Values of i3 Verticals; for ownership specifics consult 2024–2025 SEC filings (Form 10-K, proxy statements) for top institutional holders and insider ownership percentages.

i3 Verticals Business Model Canvas

• Complete 9-Block Business Model Canvas
• Effortlessly Communicate Your Business Strategy
• Investor-Ready BMC Format
• 100% Editable and Customizable
• Clear and Structured Layout

GET TEMPLATE ➔

Recent ownership trends at i3 Verticals show increasing institutionalization from 2022–2024, driven by index inclusions and passive fund accumulation, while insiders have modestly diluted stakes via equity compensation and scheduled 10b5-1 sales.

Institutional holders now represent a larger share of the public float, while insider holdings remain meaningful but diluted; ongoing equity comp implies gradual dilution, and management signals continued tuck‑in M&A and organic software growth without plans for dual‑class conversion, privatization, or spin‑offs.

Acquisition financing mix

Deals from 2021–2024 used a blend of cash, revolver draws and stock consideration, expanding the publicly traded float and increasing software revenue contribution.

Institutional accumulation

Index inclusion and improved liquidity attracted passive funds and small‑cap specialists, boosting institutional ownership concentration through 2024.

Insider alignment

Insiders, including executives named in SEC filings, have executed scheduled 10b5‑1 plans and accepted equity grants; performance equity maintains alignment despite modest dilution.

Governance resilience

One‑share‑one‑vote structure and an independent board help mitigate activist pressure; no prominent sponsor secondaries since 2021 indicate a dispersed, maturing owner base.

For further context on market positioning and target verticals that underpin recent M&A and ownership shifts, see Target Market of i3 Verticals

i3 Verticals Porter's Five Forces Analysis

• Covers All 5 Competitive Forces in Detail
• Structured for Consultants, Students, and Founders
• 100% Editable in Microsoft Word & Excel
• Instant Digital Download – Use Immediately
• Compatible with Mac & PC – Fully Unlocked

GET TEMPLATE ➔