i3 Verticals Inc (NASDAQ:IIIV) Q4 2019 Earnings Conference Call - Final Transcript
Nov 22, 2019 • 08:00 am ET
Pace's integrated business within the next few weeks, and then we will begin the conversion of Pace's non-integrated business.
Regarding M&A, last quarter we mentioned we had a non-binding term sheet with a software company that offers utility billing and other software tools for gas, water and electric services. We also mentioned that the billing product is generating substantial customer interest in our installed base. We're happy to share this acquisition did close mid-September.
This Company is known in the market as AVR, and is located in Houston, Texas. Aside from AVR's utility billing software, they also offer a public works product for work orders or system field management that is used to project and calculate work related field expenses. AVR has 44 employees and serve 650 municipal utility districts and 85 privately-owned utilities, independents [Phonetic] and cities in multiple states across the US.
We're extremely happy to have Ren Nelson [Phonetic], the founder's grand daughter and COO, and the entire AVR team as part of our Public Sector vertical and look forward to their future successes as part of the i3 family of companies. We are also pleased to share that we have already cross-sold AVR's billing product into one of our existing municipalities under our NET Data subsidiary. We couldn't be more excited how the two teams work together in an effort to gain a proof of concept for this new piece of software and its application within our existing customer cities. This is a concrete example of the cross-selling opportunities that are available to us within our verticals, which is exactly the reason we're engaged in the vertical visioning process that I mentioned a few minutes ago.
We're continuing to look at many deals and our pipeline continues to weigh heavily towards the Public Sector vertical. I do want to emphasize each target must be a good fit, and we are careful in that regard. We believe that we will remain successful in executing our M&A strategy and still believe we can generate four to five new deals per year. We look forward to sharing more information on acquisition activity as it becomes available.
This concludes my comments. Derek, at this point, we'll open the call for Q&A please.