GI Partners Completes Purchase of Public Sector Cloud Software Provider GTY


Private investment company IG Partners has completed its acquisition of GTY Technology Holdings (notasdaq: GTYH), a Boston-based provider of cloud software platforms for the public sector.

The deal was first announcement on April 29 and was approved by GTY shareholders on June 30, the companies said in a joint statement released Thursday.

Under the terms of the agreement, GTY shareholders will receive $6.30 in cash for each common share they own.

With the completion of the merger, GTY will now operate as a private company and will no longer be publicly traded.

Each public warrant that was outstanding and unexercised prior to the closing of the agreement will be exercisable for $0.71 each covered by a public warrant through August 6.

GTY provides cloud-based platforms to local and government, education and healthcare organizations through its six business units: Bonfire, CityBase, eCivis, OpenCounter, Questica and Sherpa. The company’s cloud-based tools support public sector organizations in the areas of procurement, grant management, authorizations, payments and budgeting.

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