i3 Verticals delivered a solid start to fiscal year 2025 (QQ1 2025), powered by a deliberate tilt toward software-as-a-service (SaaS) and integrated payments within its vertical market software base. Management highlighted 12% revenue growth year-over-year to $61.7 million, with SaaS revenue up 16% and recurring revenues accounting for 78% of quarterly sales, underscoring the durability of the firm’s software-centric model. Adjusted EBITDA rose 17% to $16.4 million, driving a 26.5% adjusted EBITDA margin, aided by higher-margin software sales and a leaner corporate cost structure as a percentage of revenue. The public sector vertical remained the primary growth engine, contributing 79% of quarterly revenues at $48.8 million, with double-digit gains in recurring SaaS, maintenance, and professional services. At the same time, Healthcare showed 14% revenue growth, reflecting ongoing demand for recurring software services and selective non-recurring license sales.