First Investor Conference Appearance
i3 Verticals Announces First-Time Participation in June 2026 Investor Conferences
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i3 Verticals, Inc. (NASDAQ: IIIV) announced on June 2, 2026 that it will attend two major investor conferences this month — the Baird 2026 Global Consumer, Technology & Services Conference in New York on June 3, and the D.A. Davidson Technology & Consumer Conference in Nashville on June 11, according to Business Wire. The appearances mark the first time the Nashville-based company is pitching itself to the institutional investor community as a pure software business, having sold off its payments and healthcare divisions over the past two years.
The company provides enterprise software to government entities — courts, public safety agencies, utilities, and schools — across all 50 U.S. states and four Canadian provinces, Business Wire reported. Its Annualized Recurring Revenue (ARR), meaning the value of recurring software contracts on a yearly basis, reached $183.5 million in its most recent quarter, up 12% year-over-year.
A Company Reborn After $536 Million in Divestitures
i3 Verticals spent the past two years shedding businesses to focus entirely on government software. In September 2024, it sold its merchant payments unit to Payroc WorldAccess for $440 million, according to Business Wire. By May 2025, it sold its Healthcare Revenue Cycle Management business for $96 million. The two deals together totaled $536 million and stripped the company down to its public sector software core.
Chairman and CEO Gregory Daily called the shift a clean break. "After the divestiture, we will be a pure vertical market software business," Daily said, adding that "our balance sheet will be stronger than ever." The company now carries $81 million in debt and has $319 million in additional borrowing capacity, according to Barchart.
SaaS Revenue Surges 37% but Guidance Gets Trimmed
i3 Verticals beat earnings expectations in its most recent quarter, posting $0.32 earnings per share versus the $0.27 analysts expected, Markets Financial Content reported. Quarterly revenue came in at $57.52 million. SaaS revenue — software sold on a subscription basis — grew 37% year-over-year, its fastest pace in recent memory.
Despite the strong SaaS numbers, the company trimmed its full-year revenue guidance to between $221 million and $229 million due to delays in one-time professional services projects, mainly among utility customers. Chief Strategy Officer Clay Whitson has emphasized that ARR is the "best indicator of our long-term growth opportunity," signaling the company wants investors to focus on recurring revenue rather than lumpy project work, according to Barchart.
Analysts Stay Bullish but Cut Price Targets to $30
Five analysts cover IIIV stock and all maintain a "Buy" rating. But the guidance trim pushed the average price target down to roughly $29.83, from the mid-$30s range earlier this year, according to CA MarketScreener. Benchmark analysts kept their "Buy" rating while lowering their own target to $30, pointing to "weakness in professional services revenue" as a temporary issue rather than a structural one.
The company is also trying to boost its stock price through buybacks. In May 2026, it authorized a $100 million share repurchase program. The stock currently trades at a price-to-sales ratio of 2.4x. That compares to a 3.4x average for peer software companies, suggesting analysts see room for the valuation to rise if the company executes at the June conferences.
Courts, AI, and the Road Ahead for GovTech
The company's biggest growth driver is what it calls "JusticeTech" — software that runs court case management, e-filing systems, and public safety dispatch in more than 30 states. President Rick Stanford recently cautioned that AI adoption in government will be slow, saying "policies are going to be rigorous and hyper-controlled for the fear of AI itself." That candor signals management is setting measured expectations for AI-powered tools in the near term.
Still, the company is pushing ahead. It recently expanded court modernization programs in Georgia and Arkansas, replacing paper-based systems. CFO Geoff Smith noted that 80% of total revenue now comes from recurring sources. The next major test for the new i3 Verticals will be its Q3 2026 earnings report in August, when investors will see whether the project delays that clipped guidance have been resolved.
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