i3 Verticals sells mission-critical enterprise software to state and local governments across the U.S. and Canada. Its software runs the day-to-day operations of government agencies across five verticals: courts and public safety (case management, e-filing, dispatch, records management), utilities (customer engagement portals, billing), public administration (fund accounting, land records, tax collection), education (school lunch, meal management, point-of-sale), and transportation (vehicle registration, driver's licensing). After divesting its Merchant Services and Healthcare Revenue Cycle Management businesses, i3 is now a pure-play public sector software company. Embedded across all five verticals is a proprietary payment facilitator platform that processes citizen payments — court fees, utility bills, registrations, and more — directly within i3's software. Roughly 76–78% of revenue is recurring, split across SaaS subscriptions, transaction and payment fees, and legacy maintenance contracts. i3 is actively converting legacy perpetual license customers to SaaS, which improves revenue predictability and long-term retention. A key pricing feature is i3's ability to pass transaction fees to end users (citizens) rather than billing the government agency, which reduces adoption barriers and insulates i3 from government budget cycles. Growth is driven by SaaS conversion, payments attach, cross-selling across verticals, and statewide deployment wins. M&A is also a core growth lever — i3 has completed roughly 50 acquisitions, typically targeting founder-led public sector software businesses, and integrating i3's payment platform into acquired products to expand margins.