GI Partners Closes Purchase of Public Sector Cloud Software Provider GTY

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

The deal was first announced on April 29 and was approved by GTY shareholders on June 30, the companies said in a joint release published Thursday.

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

With the merger’s completion, GTY will now operate as a privately held company and will no longer trade on the stock market.

Each public warrant that was outstanding and unexercised before the deal’s closing will be exercisable for $0.71 apiece covered by a public warrant through Aug. 6.

GTY provides cloud-based platforms for local and governments, education and health care 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, permitting, payments and budgeting.

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