CHICAGO, Feb. 19, 2019 /PRNewswire/ -- GTY Technology Holdings Inc., a special purpose acquisition company created by former top Accenture and EMC executives, has closed its purchase of CityBase, Inc. for $160 million in cash and stock.
To celebrate the purchase, GTY and CityBase rang the NASDAQ closing bell in New York's Times Square at 3:45 p.m. EST today.
GTY (NASDAQ: GTYHU/GTYH/GTYHW) was formed in November 2016 to identify and invest in compelling and emerging trends in the technology sector. The effort was led by former Accenture Chairman and CEO William D. Green; former EMC Chairman and CEO Joseph M. Tucci; and former EMC executive vice president Harry L. You.
"The team behind GTY has witnessed and helped guide major transformations of the private sector driven by technology. We see the same opportunity now for the public sector," You said. "We quickly saw that CityBase and its peers were leading and defining this movement."
CityBase now operates as a wholly owned business unit of GTY, continuing to grow and invest in its clients, products and mission to transform how people experience government. The new entity includes five other companies that also serve the public sector.
"This moment is a validation of the govtech industry at a monumental tipping point," CityBase founder and CEO Mike Duffy said. "There is a generational shift in how all people expect to access services. The public sector is realizing this opportunity to reach populations with the services they need, differentiated to the needs and preferences of each household."
Stephen Rohleder, a GTY director and former Accenture chief operating officer and CEO of its health and public service group, is now chairman and CEO of GTY. You will continue to serve as chief financial officer of the new entity.
Duffy said GTY's "highly experienced, impressive team with a track record of scaling businesses" was a key factor in CityBase's decision to pursue the transaction.
"The combining of our efforts will help us make government more impactful for more people," Duffy said. "This is an exciting opportunity to usher in a new era of government."
Duffy launched and grew CityBase with funding from Jeff Taylor, the former CEO and chairman of Cole Taylor Bank, and later expanded with funding led by Chicago's Method Capital.
CityBase helps local governments and utilities digitize manual and fragmented payment and administrative processes. Its digital services and payments platform is available online and at kiosks, offering 24-7 access to every person and business.
CityBase gives people and businesses an intuitive way to interact with utilities and government agencies. CityBase's technology dramatically improves constituent services through payment solutions, digital services and API development for cities, counties, states and utilities. For more information please visit thecitybase.com.
Some of the above statements constitute forward-looking statements. GTY's filings with the SEC provide detailed information on such statements and risks, and should be consulted along with this release. To the extent permitted under applicable law, GTY assumes no obligation to update any forward-looking statements.