GI Partners, a private investment firm, has acquired GTY Technology Holdings, a provider of cloud software services.
GTY offers cloud-based services for governments, education institutions, and healthcare organizations spanning functions in procurement, payments, grant management, and budgeting.
GI Partners is a private investment firm that has raised over $32 billion in capital from institutional investors to invest in private equity, real estate, and data infrastructure strategies. The acquisition will support GTY as GTY invests more in sales, marketing and technology innovation.
“GI Partners has an excellent track record of supporting and adding value to leading software companies, and we are delighted to bring on a partner of GI Partners’ caliber,” said TJ Parass, CEO of GTY. “This transaction will provide immediate and substantial value to GTY shareholders. The Company will have greater flexibility to focus on executing our strategy, and we are excited to begin our long-term partnership with GI Partners.”
Credit Suisse is acting as financial advisor to GTY and Davis Graham & Stubbs is serving as GTY’s legal advisor. Goldman Sachs & Co. LLC is acting as financial advisor to GI Partners and Ropes & Gray is serving as legal advisor to GI Partners.