The publicly traded i3 Verticals mostly works in payment processing and serves both the private and public sectors. NET Data, meanwhile, offers a variety of services to several government verticals.
A publicly traded company, i3 Verticals, has acquired the public-sector software and services company Northeast Texas Data for $24 million.
The company, most often called NET Data, is 35 years old and provides a broad technology portfolio covering jury selection and court management, document imaging, property tax billing and birth and death records. The firm mostly operates in Texas, according to a press release.
The acquiring business, i3, is focused on payment processing and serves both the private and public sector as well as the health care and education industries. It posted $324 million in gross revenue last year, according to a regulatory filing.
“We are excited to announce the completion of the Net Data acquisition, as we continue to expand our public sector vertical,” i3 CEO Greg Daily said in the statement. “We look forward to working with the talented and dedicated NET Data team of 70 employees built over 35 years. With the completion of this transaction, we have acquired new software to offer to our local government customers and we have expanded into an attractive Texas market.”