Daily News: April 24, 2015

FirstBank Leads Charge Payment Facility

Charge Payment announced a $50 million facility, two acquisitions and a name change to i3Verticals. The bank group is led by FirstBank of Tennessee and includes Bank of America and other local banks CapStar, Tennessee Bank & Trust and Pinnacle Financial Partners.

Greg Daily, founder and CEO of i3 Verticals, commented, “We are glad to announce an expanded $50 million credit facility, including a $32 million revolving credit available for future acquisitions.””

“On December 31, 2014, we closed the acquisition of RentShare, a provider of payment services and software for the large and growing property rental market. On April 23, 2015, we closed another acquisition in the education space, which complements the acquisition made last May of Data Business Systems, based in Denver. These acquisitions underscore our commitment to investing in growing industry verticals such as education, property rentals, government taxes, utilities, nonprofits, and healthcare. Success in these verticals requires innovative technology, integrated payment solutions, and outstanding customer focus. To become a leading technology and integrated payments provider in the verticals we identified, we have now completed seven acquisitions since the start of 2013, and we continue to pursue additional transactions. We now have offices in Nashville, Atlanta, Cincinnati, New York, and Denver and expect to expand our national footprint with future opportunities.”

Ian Halpern, founder and CEO of RentShare, commented, “i3 Verticals has been a fantastic partner for RentShare. Their seasoned management team, experience and resources provide a natural complement to our competencies, and this new partnership puts us in a great position to ramp up the next phase of our service. 2015 is going to be a big year for RentShare – it’s a time of great disruption in the rental market, and we’ve got some major product advancements in the works to grow our service and make online rent payments simple and accessible for everyone.”

Hume Miller, founder and CEO of Data Business Systems, commented, “Success in these verticals is formed by forging lasting partnerships in our specific verticals, providing them with embedded payment solutions with an emphasis on outstanding customer service. Providing solutions in these markets is significantly more than processing. We must also provide our customers the ability to become more cost effective and provide convenience for their respective customer bases. Today, payments are about managing the transaction, so that activities surrounding the payment are streamlined and efficient.
For example, does the payment automatically populate the general ledger Does it integrate with the student information system or customer portal or other enterprise software These are ways of reducing the workload for our various customers.”

i3 Verticals also announced the addition of Joe Jorling as COO.

Nashville-based i3 Verticals is a technology and integrated payments provider for a range of industry verticals throughout the United States.