i3 Verticals is a discounted pure-play GovTech compounder with sticky recurring revenue, accelerating SaaS adoption, insider buying, and meaningful upside if execution normalizes.
Overview
i3 Verticals has transformed into a pure-play, high-margin GovTech software company after divesting merchant services and healthcare RCM assets. It serves 5,000+ public-sector customers across courts, municipalities, utilities, transportation, education, and public administration. Roughly 80% of revenue is recurring through SaaS, maintenance, support, and embedded payments. Its cloud-native platforms replace fragmented legacy systems, creating sticky customer relationships, predictable revenue, and a durable modernization tailwind as North American governments digitize mission-critical workflows.