05:57 PM EDT, 06/26/2024 (MT Newswires) -- i3 Verticals ( IIIV ) said Wednesday it agreed to sell its merchant of record payments business and associated proprietary technology to Payroc for $440 million in an all-cash deal.

The transaction is subject to certain purchase price adjustments. Proceeds will be used by i3 Verticals ( IIIV ) to pay down all, or nearly all, of its 2023 senior secured credit facility.