GTY Technology Holdings Inc. (NASDAQ :GTYHU /GTYH/GTYHW), a special purpose acquisition company created by former top Accenture and EMC executives, is to buy CityBase, Inc., a Chicago, IL-based provider of a tech platform for people and businesses to interact with utilities and government agencies, for $160m in cash and stock.
GTY raised more than $550m in November 2016 to identify and invest in emerging trends in the technology sector. This 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.
CityBase will operate as a wholly owned business unit of GTY, continuing to grow and invest in its clients, products and mission to innovate how people experience government.
The deal is expected to close early next year. The new entity will include six like-minded companies, all of which serve the public sector. Stephen Rohleder, a GTY director, and former Accenture chief operating officer and CEO of its health and public service group, will be chairman and CEO of GTY. You will continue to serve as chief financial officer of the new entity.
Founder and CEO Michael 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. The platform enables for cities, counties, states and utilities to 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.