Landmark transaction promises customers long-term stability, ongoing R&D investment, and continued best-in-class service
SAN FRANCISCO, Feb. 27, 2024 /PRNewswire/ -- OpenGov, the leader in modern cloud software for our nation's cities, counties, and state agencies, has secured a majority investment, valuing OpenGov at $1.8 billion, from long-time partner Cox Enterprises. This allows OpenGov to make long-term strategic decisions that will benefit customers for decades to come.
Nearly 1,900 customers in all 50 states rely on OpenGov's industry-leading products for budgeting, accounting, procurement, asset management, and permitting to operate more efficiently, adapt to change, and strengthen public trust. One in three people in the U.S. now benefit from OpenGov software.
"We started this company to power more effective and accountable government. We've grown thanks to outsized investments in engineering and customer success and because of an extraordinary team aligned on values, hard work, expertise, and passion," said Zac Bookman, co-founder and CEO of OpenGov. "With this investment, one of the largest in GovTech history, we intend to accelerate product development, advance our mission, and improve communities for generations."
Cox and OpenGov share similar missions and values, and this is the primary driver of the partnership. Cox has a proven track record of investing in mission-driven companies and empowering those organizations to build for long-term impact. Since its founding over 125 years ago, Cox has built multi-billion dollar businesses aimed at solving the nation's most pressing problems. Partnering with OpenGov marks Cox's largest new industry commitment – to close the growing technology gap that plagues state and local governments.
Legacy software solutions dominate the GovTech industry. None are equipped to solve the problems facing today's state and local governments. Challenges include higher demand from residents for digital and cloud services, greater expectations for transparency and community engagement, increased risk of cyber and ransomware attacks, and a growing talent gap as the workforce retires. OpenGov's applications tackle these problems head on, future-proof organizations, and give our nation's public servants the technology they need to do their jobs effectively.
"We have been a long-time investor in OpenGov, and we are thrilled to deepen our commitment," said Alex Taylor, chairman and CEO of Cox Enterprises. "This is an important time for our country in many ways. In 1920, when my great-grandfather was Governor of Ohio, he expressed the need for our people to have 'an abiding confidence' in their government. Now, all these years later, we are very excited to help OpenGov grow and build for the future. Powering more effective and accountable government is an inspiring mission, and OpenGov delivers a better experience for governments, residents and businesses alike."
About OpenGov
OpenGov is the leader in modern cloud software for cities, counties, state agencies, and special districts. With a mission to power a more effective and accountable government, OpenGov serves thousands of public sector leaders and their organizations. OpenGov is built exclusively for the unique budgeting and planning, accounting, permitting and licensing, procurement, and asset management needs of the public sector. The OpenGov Cloud empowers organizations to operate more efficiently, adapt to change, and strengthen trust with the communities they serve. Learn more or request a demo at opengov.com.
About Cox Enterprises
Cox Enterprises is dedicated to empowering people to build a better future for the next generation. Cox is a leader in the broadband, automotive, and media industries, as well as a leading investment platform with strategic positions in emerging technologies driving the future of agriculture, renewable energy, health care, and public sector software. Headquartered in Atlanta, Georgia, Cox is a global company with $23 billion in annual revenues and a proud 125-year history. To learn more about Cox and its commitment to its people, planet and communities, visit coxenterprises.com.
SOURCE OpenGov
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