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M&A momentum continues to make headway this week as we emerge into the fourth quarter of the year. To start, I3 Verticals announced this week of an undisclosed acquisition which aims to further strength the company’s position in the healthcare vertical. This acquisition, which will be further disclosed in I3 Verticals’ upcoming earnings call in November, had an aggregate cash value of $60 million at closing. This new acquired business offers revenue cycle management services for hospitals and marks I3 Verticals’ fourth acquisition in the healthcare space. Separately, this Monday (Oct 4th), Nuvei announced their filing for a U.S. IPO, which will propose an offering of 1.5 million subordinate shares. This comes more than a year after their debut on the Toronto Stock Exchange, which raised $700 million and what was at the time the largest technology company offering on the index. Nuvei has applied to list their U.S. shares on the Nasdaq under the symbol “NVEI”.
In other M&A news, the cloud-based accounting ISV provider, FreshBooks, announced their acquisition of FastBill for an undisclosed sum. FastBill, based in Germany, provides cross-border bill payment solutions across 16 countries. This deal complements FreshBooks’ existing products and services, and largely supports their global expansion efforts.