Acquisition of Questica by GTY Technology Holdings Inc. is Complete
Feb 19, 2019, 16:32 ET
GTY brings together a select group of financial tech innovators to drive cloud-based digital transformation within the public sector
BURLINGTON, ON, 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 Questica, a leading finance technology company specializing in budgeting, performance and data transparency software for the public sector.
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," said Harry You. "We quickly saw that Questica and its peers were leading and defining the digital transformation with state and local government agencies."
The new GTY entity includes six companies: Bonfire, CityBase, eCivis, OpenCounter, Questica, and Sherpa Government Solutions. All of these tech companies are leaders in their respective solution segments of procurement, payments, permitting portals, and budgeting/transparency. 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.
Many government agencies and other public sector organizations are looking to improve their data-based decision-making, operational efficiency, and stakeholder collaboration. However, technology barriers are holding them back because their data is often managed through old and unconnected legacy systems. Modern cloud-based software solutions ultimately plays a key role in empowering these organizations to transform their business processes, meet their strategic goals and objectives, and improve stakeholder experience and engagement.
"We are pleased to become part of the GTY group of companies under such esteemed leadership," said TJ Parass, CEO and founder of Questica. "Together, we are well-positioned to drive digital transformation, innovation and growth, and create new opportunities for customers, employees and shareholders. Our team is looking forward to leveraging our 20 years of technology experience to create greater organizational and community impact for our collective 2,000 customers."
Questica now operates as a wholly owned business unit of GTY, while maintaining its brand and leadership structure. The company will continue to grow and invest in its customers, solutions, and people to transform the budgeting, performance, and transparency needs of the public sector today and in the future.
Craig Ross, Chief Revenue Officer at Questica commented, "Our team is excited about the company's prospects for 2019 and beyond. By joining GTY, we have a tremendous opportunity to build on our proven solutions and customer success. Working with our sister organizations we will continue to provide public sector agencies with best-in-breed technology offerings to meet their everyday challenges and produce positive outcomes for the communities they serve."
Footnote: |
For full details on transaction considerations, please view the encompassing GTY Schedule 8-K available on www.sec.gov/edgar. |
About Questica
As a leader of budgeting and preparation software since 1998, Questica's goal is to make public sector finance better for everyone. Over 675 governments, colleges and universities, K-12 schools, hospitals and healthcare facilities, and non-profit organizations throughout North America have eliminated spreadsheets, opting for smarter planning, budgeting, management, transparency and engagement with our solutions. Our highly scalable software has been implemented at organizations managing an annual budget of $10 million to others with multi-billion-dollar annual budgets. Questica is also listed on the 2018 GovTech 100 Index which showcases the leading companies serving state and local governments in unique, innovative and effective ways.
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Related links:
http://www.questica.com/
SOURCE Questica