Generational Equity Advises iGov Solutions in Sale to i3 Verticals

By Generational Equity


Generational Equity, a leading mergers and acquisitions advisor for privately held businesses, is pleased to announce the sale of its client, iGov Solutions LLC, to i3 Verticals Inc. The acquisition closed February 28, 2019.

iGov Solutions is a one-stop shop for regulatory licensing software solutions. The company created a state-of-the-art software product, Integrated Licensing and Enforcement Management System known as iLEMS™, as a commercial off-the-shelf and software-as-a-service (SaaS) product that is hosted in a FedRamp Certified Microsoft Azure Cloud. iGov is based in Lake Mary, Florida.

According to Prasad Valay, President and Founder of iGov Solutions, “The acquisition of iGov Solutions furthers our mission to help regulatory licensing boards and its licensees. The combination of our two companies unlocks the new and innovative ways to engage and accept new payment methods.”

i3 Verticals delivers seamlessly integrated payment and software solutions to small- and medium-sized businesses and other organizations in strategic vertical markets, such as education, non-profit, public, property management, and healthcare and to the business-to-business payments market. With a broad suite of payment and software solutions that address the specific needs of its clients in each strategic vertical market, i3 Verticals processed approximately $11.7 billion in total payment volume for the 12 months ending December 31, 2018. The public company is based in Nashville, Tennessee.

The iGov deal happened concurrently with another i3 Verticals acquisition as the payment company looks for ways to expand.

“We are excited to announce completion of two acquisitions, one of which expands our markets in the public sector vertical and the other expands our integrated payment solutions into wireless internet service billing,” said i3 Verticals CEO Greg Daily. “The combined purchase price for the two acquisitions was approximately $20 million.”

“Our president, Rick Stanford, continues to source and execute high quality deals in attractive vertical markets,” Daily continued. “We remain positive about expanding i3 Verticals through organic growth as well as additional acquisitions.” 

Generational Equity Managing Director, William Hunter, successfully closed the deal. Executive Managing Director Edward Weber established the initial relationship with iGov.

“This transaction will help our client take his business to the next level,” said Hunter. “i3 Verticals gained a stable and growing customer base of recurring payments.”

About Generational

Headquartered in Dallas, Generational is one of the leading M&A advisory firms in North America.

With more than 350 professionals located throughout 17 offices in North America, the companies help business owners release the wealth of their business by providing growth consulting, merger, acquisition, and wealth management services. Their six-step approach features strategic and tactical growth consulting, exit planning education, business valuation, value enhancement strategies, M&A transactional services, and wealth management.

The M&A Advisor named the company Investment Banking Firm of the Year three years in a row, Valuation Firm of the Year in 2020, and North American Investment Bank of the Year in 2022 as well as Consulting Firm of the Year. For more information, visit