authors Geert De Lombaerde
Payment processing and technology holding company i3 Verticals has paid $17.4 million for two software companies specializing in health care services.
In a statement, i3 Chairman and CEO Greg Daily said the deals add more workflow and practice management software options to his team’s lineup. He and his fellow executives will share more details about the acquired companies — which are based in the upper Midwest and the Southeast — on i3’s quarterly earnings call next month, he added.
Health care is one of the four focus areas for nine-year-old i3, which specializes in medical coding, billing and scheduling software and then adds payment processing services where it can.
“These two businesses increase our product suites and footprint within our health care vertical,” Daily said. “In addition, we believe the payments opportunities for these two businesses are largely untapped and present us with additional growth potential. We continue to execute on our acquisition strategy and are extremely pleased with these acquisitions, both of which nicely match the profile of businesses that we want to join the i3 team.”
Shares of i3 (Ticker: IIIV) were up more than 1 percent to $32.05 Monday afternoon. They have risen about 25 percent over the past six months, pushing the company’s market capitalization past $1 billion.
About a month before their shareholders’ meeting showdown with Carl Icahn, Delek US Holdings leaders got a small boost last week from Piper Sandler analyst Ryan Todd.
Citing a positive long-term outlook for the oil refining sector and “compelling momentum” when it comes to shareholder distributions, Todd raised his price target for Delek shares to $23 from $20. He retained his ‘neutral’ rating on the Brentwood-based company.
Todd’s call takes his target to roughly where Delek shares (Ticker: DK) are changing hands these days. On Monday, they were down about 2 percent to $22.89. They have nearly doubled in the past six months.