GTY Technology Holdings Inc. (GTYH)

BOSTON--(BUSINESS WIRE)--GTY Technology Holdings Inc. (NASDAQ: GTYH) (“GTY” or the “Company”), a leading provider of cloud software solutions for the public sector and GI Partners, a leading private investment firm, today announced the completion of GTY's acquisition by an affiliate of GI Partners (together with certain affiliated entities, “GI”) for $6.30 per share of GTY common stock in cash. The transaction was announced on April 29, 2022 and received approval from shareholders on June 30, 2

BOSTON--(BUSINESS WIRE)--GTY Technology Holdings Inc. (NASDAQ: GTYH) (“GTY” or the “Company”), a leading provider of cloud software solutions for the public sector and GI Partners, a leading private investment firm, today announced the completion of GTY’s acquisition by an affiliate of GI Partners (together with certain affiliated entities, “GI”) for $6.30 per share of GTY common stock in cash. The transaction was announced on April 29, 2022 and received approval from shareholders on June 30, 2022. As a result of the transaction, GTY is now a privately-held company and GTY common stock will no longer be listed on any public market. Through August 6, 2022, each public warrant that was unexercised and outstanding immediately prior to the closing will be exercisable for $0.71 per share covered by a public warrant, in accordance with the terms of the warrants. About GTY Technology Holdings Inc. GTY brings leading public sector technology companies together to achieve a new standard in stakeholder engagement and resource management. Through its six business units, GTY offers an intuitive cloud-based suite of solutions for state and local governments, education institutions, and healthcare organizations spanning functions in procurement, payments, grant management, budgeting, and permitting: Bonfire provides strategic sourcing and procurement software to enable confident and compliant spending decisions; CityBase provides government payment solutions to connect constituents with utilities and government agencies; eCivis offers a grant management system to maximize grant revenues and track performance; OpenCounter provides user-friendly software to guide applicants through complex permitting and licensing procedures; Questica offers budget preparation and management software to deliver on financial and non-financial strategic objectives; Sherpa provides public-sector budgeting software and consulting services. About GI Partners Founded in 2001, GI Partners is a private investment firm with over 130 employees and offices in San Francisco, New York, Chicago, Greenwich, Scottsdale, and Dallas. The firm has assets under management totaling $35 billion and invests on behalf of leading institutional investors around the world through its private equity, real estate, and data infrastructure strategies. The private equity team invests primarily in companies in the healthcare, IT infrastructure, services, and software sectors. The real estate team focuses primarily on technology and life sciences properties as well as other specialized types of real estate. The data infrastructure team invests primarily in hard asset infrastructure businesses underpinning the digital economy. For more information, please visit www.gipartners.com.

BOSTON--(BUSINESS WIRE)--GTY Technology Holdings Inc. (NASDAQ: GTYH) (“GTY” or the “Company”), a leading provider of cloud software solutions for the public sector, today announced that its shareholders have voted to approve the previously announced Agreement and Plan of Merger (the “Merger Agreement”), whereby GTY will be acquired by an affiliate of GI Partners (together with certain affiliated entities, “GI”) for $6.30 per share of GTY common stock in cash. The approval of GTY shareholders was a closing condition of the Merger Agreement that has now been satisfied. Approximately 75.5% of GTY’s outstanding common stock voted in favor of the Merger Agreement. In addition, the applicable waiting period under the Hart–Scott–Rodino Antitrust Improvements Act of 1976 expired on June 10, 2022. Subject to the satisfaction of certain other closing conditions, the transaction is expected to close on or around July 7, 2022. Upon completion of the transaction, GTY will operate as a privately-held company and GTY common stock will no longer be listed on any public market. About GTY Technology Holdings Inc. GTY brings leading public sector technology companies together to achieve a new standard in stakeholder engagement and resource management. Through its six business units, GTY offers an intuitive cloud-based suite of solutions for state and local governments, education institutions, and healthcare organizations spanning functions in procurement, payments, grant management, budgeting, and permitting: Bonfire provides strategic sourcing and procurement software to enable confident and compliant spending decisions; CityBase provides government payment solutions to connect constituents with utilities and government agencies; eCivis offers a grant management system to maximize grant revenues and track performance; OpenCounter provides user-friendly software to guide applicants through complex permitting and licensing procedures; Questica offers budget preparation and management software to deliver on financial and non-financial strategic objectives; Sherpa provides public-sector budgeting software and consulting services. About GI Partners Founded in 2001, GI Partners is a private investment firm with over 125 employees and offices in San Francisco, New York, Chicago, Greenwich, and Scottsdale. The firm has raised over $32 billion in capital from leading institutional investors around the world to invest in private equity, real estate, and data infrastructure strategies. The private equity team invests primarily in companies in the healthcare, IT infrastructure, services, and software sectors. The real estate team focuses primarily on technology and life sciences properties as well as other specialized real estate sectors and strategies. The data infrastructure team invests primarily in hard asset infrastructure businesses underpinning the digital economy. For more information, please visit www.gipartners.com. Forward-Looking Statements This communication contains forward-looking statements that involve risks and uncertainties, including statements regarding: the transaction, including the expected timing of the closing of the transaction and expectations for GTY following the closing of the transaction. If any of these risks or uncertainties materialize, or if any of GTY’s assumptions prove incorrect, GTY’s actual results could differ materially from the results expressed or implied by these forward-looking statements. Additional risks and uncertainties include those associated with: the possibility that the conditions to the closing of the transaction are not satisfied; potential litigation relating to the transaction; uncertainties as to the timing of the consummation of the transaction; the ability of each party to consummate the transaction; possible disruption related to the transaction to GTY’s current plans and operations, including through the loss of customers and employees; and other risks and uncertainties detailed in the periodic reports that GTY files with the SEC, including GTY’s Annual Report on Form 10-K filed with the SEC on February 18, 2022, which may be obtained on the investor relations section of GTY’s website (https://gtytechnology.com/about/investor-materials). All forward-looking statements in this communication are based on information available to GTY as of the date of this communication, and GTY does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law.

BOSTON--(BUSINESS WIRE)--GTY Technology Holdings Inc. (NASDAQ: GTYH) (“GTY” or the “Company”), a leading provider of cloud software solutions for the public sector, today announced that its shareholders have voted to approve the previously announced Agreement and Plan of Merger (the “Merger Agreement”), whereby GTY will be acquired by an affiliate of GI Partners (together with certain affiliated entities, “GI”) for $6.30 per share of GTY common stock in cash. The approval of GTY shareholders wa

BOSTON--(BUSINESS WIRE)--Questica Inc., the leading public sector budgeting solutions provider, today announced that it has been selected to provide new budgeting software to the City of Fort Worth, TX. Questica is a subsidiary of GTY Technology Holdings Inc. (Nasdaq: GTYH) (“GTY”), a leading provider of cloud solutions for the public sector. As one of the largest, fastest growing cities in the US, operating a $1.7 billion budget, the City of Fort Worth needed an effective, accessible, and transparent process for managing its budget. Municipal leaders were looking for an efficient way to make budget changes, access and leverage budget data, and publish salary changes, while reducing the overall burden on staff. To achieve this, the city purchased the entire suite of Questica solutions including Questica Budget, Questica OpenBook, Budget Book powered by Workiva, and Citizen Engagement, powered by Balancing Act. Questica’s purpose-built budgeting platform will support Fort Worth’s budget transition from time-intensive manual processes to a comprehensive, cloud-based system. The unified solution will not only increase transparency and accountability throughout the budgeting process but will support greater forecasting and scenario planning features that enable data-driven decisions. “Fort Worth is a dynamic, growing city and we need technology in place that will promote decision making that supports the city’s strategic priorities,” said Mark McAvoy, City of Fort Worth. “Streamlining the budget process, while easing access to information and improving the tools we use to engage our customers and residents all help to increase public accountability. Questica not only gives us those capabilities but will enable our staff to spend more time using data to find solutions to important problems rather than maintaining the system.” “As cities experience periods of growth or make significant changes such as integrating ARPA funding into their budget, they’re finding that siloed processes aren’t keeping up with the pace and aren’t providing the level of granular detail they need,” said Craig Ross, CEO of Questica. “As one of the largest cities in the US, Fort Worth is a great example of a thriving community at scale, and this is an ideal time to harness its own data to make more informed and transparent decisions. We are proud of the fantastic customer base we’ve established in Texas, and we’re thrilled to expand that network with Fort Worth.” About Questica For over 20 years, Questica has partnered with public sector organizations to enable data-driven budgeting and decision-making, while increasing data accuracy, productivity and improving stakeholder trust. Over 700 organizations are using Questica’s budgeting, performance, transparency and engagement software solutions. For more information about Questica, visit questica.com. About GTY Technology Holdings Inc. GTY Technology Holdings Inc. (NASDAQ: GTYH) (“GTY”) brings leading public sector technology companies together to achieve a new standard in stakeholder engagement and resource management. Through its six business units, GTY offers an intuitive cloud-based suite of solutions for state and local governments, education institutions, and healthcare organizations spanning functions in procurement, payments, grant management, budgeting, and permitting: Bonfire provides strategic sourcing and procurement software to enable confident and compliant spending decisions; CityBase provides government payment solutions to connect constituents with utilities and government agencies; eCivis offers a grant management system to maximize grant revenues and track performance; OpenCounter provides government payment software to guide applicants through complex permitting and licensing procedures; Questica offers budget preparation and management software to deliver on financial and non-financial strategic objectives; Sherpa provides public sector budgeting software and consulting services. Forward-Looking Statements This release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. The company’s actual results may differ from its expectations, estimates and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the company’s expectations with respect to future performance. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside of the company’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the impact of public health crises, epidemics and pandemics such as the COVID-19 pandemic on our operations, our customers and the economy, including the duration, spread and severity of such crises, and variants, vaccinations, treatments, testing and recurrences; (2) the costs of acquisitions and the risk that the ongoing integration of the businesses acquired in our business combination and any subsequent acquisitions disrupts current plans and operations; (3) our ability to fully recognize the anticipated benefits of the business combination and any subsequent acquisitions, which may be affected by, among other things, competition and the ability of the combined company to grow and manage growth profitably; (4) our ability to attract, retain, and motivate key employees and, if they depart, to recruit, hire, and motivate replacements with comparable or better knowledge, skills and abilities; (5) our failure to generate sufficient cash flow from our business to make payments on our debt; (6) our ability to raise or borrow additional funds on acceptable terms; (7) changes in applicable laws or regulations and the adoption of new accounting standards, statements and interpretations; (8) legal proceedings and investigations that could harm our business, including those relating to former special purpose acquisition companies; (9) the possibility that the company may be adversely affected by other economic, business or competitive factors, including inflation; and (10) other risks and uncertainties included in our Annual Report on Form 10-K for the year ended December 31, 2021 and our subsequent filings with the Securities and Exchange Commission. We caution you that the foregoing list of factors is not exclusive, and readers should not place undue reliance upon any forward-looking statements, which speak only as of the date made. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by applicable securities laws.

BOSTON--(BUSINESS WIRE)-- #FortWorth--Questica has been selected to provide new budgeting software to Fort Worth, TX.

KITCHENER, Ontario--(BUSINESS WIRE)--Bonfire Interactive Ltd. (“Bonfire”), a business unit of GTY Technology Holdings Inc. and a leader in strategic sourcing and procurement software, today celebrated the tenth anniversary of its eProcurement platform. Over the last decade, the solution has empowered nearly 700 public sector clients to drive better collaboration, security, and compliance in their procurement processes. Bonfire is a business unit of GTY Technology Holdings Inc. (Nasdaq: GTYH), a leading provider of SaaS/Cloud solutions for the public sector. Since the company’s launch in 2012, Bonfire has amassed a total of 481,361 global users, including buyers, evaluators, and vendors. Clients have run 81,900 projects and managed $39.2B USD in spend on the Bonfire platform. The digital revolution of public procurement has not only improved processes, but also increased the value of procurement departments to enable strategic, higher-order decision-making. Today hundreds of public sector agencies rely on Bonfire to manage their competitive bid processes and support seamless collaboration, secure information sharing, efficient workflows, and regulatory compliance for public procurement teams. “Over 10 years, Bonfire has grown from a startup to a leader in the eProcurement space,” said Bonfire CEO Omar Salaymeh. “We continue to evolve, innovate, and respond to market needs. No matter what curveballs we’re thrown, we remain committed to serving the evolving needs of our public sector customers. We are beginning our tenth year emerging from a global pandemic, and we’re stronger for it. Given the impact our solution has had on communities, citizens, and procurement professionals during the COVID-19 pandemic, our mission and vision are truer than ever.” Over the last decade, the platform has also played a key role in dramatically reducing environmental impact and driving digitization in public procurement, transitioning tens of thousands of bid competitions from print to digital formats. Since 2012, vendors have uploaded over 155 million pages of proposal documents to the platform. “We’re incredibly proud of how Bonfire has grown, and the company’s unwavering commitment to customer service over the past decade,” said TJ Parass, CEO of GTY. “Throughout the pandemic, Bonfire has helped connect agencies and citizens to essential goods and services they needed most, including vaccines, PPE, cleaning supplies and more. We’re confident that Bonfire will continue to scale and provide the public sector with valuable eProcurement solutions long into the future.” To celebrate the company’s tenth anniversary and the customers who have made it possible, Bonfire announced the launch of the Bonfire Procurement Awards. The new awards program highlights public procurement professionals who excel, innovate, and showcase excellence in strategic sourcing. Nominations are open until June 3, and the program has already seen dozens of submissions from public procurement agencies across North America. Bonfire plans to celebrate the award winners at the National Institute for Government Procurement (NIGP) Forum conference taking place in Boston on August 20 through 24, 2022. About Bonfire Interactive Inc. Bonfire Interactive Inc. (“Bonfire”) is a business unit of GTY Technology Holdings Inc. and a leader in strategic sourcing and procurement software. Bonfire brings procurement online, ensuring 100% compliance, reducing cycle times, and improving transparency. Through the power of tools optimized for collaboration and in-app access to RFP insights and templates (surfaced from Bonfire’s library of 40,000+ projects), Bonfire unlocks procurement’s potential to drive greater agency impact, achieve better outcomes, and engage colleagues along the way. Bonfire’s proven history of customer-driven innovation is trusted by hundreds of public procurement teams across North America. About GTY Technology Holdings Inc. GTY Technology Holdings Inc. (NASDAQ: GTYH) (“GTY”) brings leading government technology companies together to achieve a new standard in citizen engagement and resource management. Through its six business units, GTY offers an intuitive cloud-based suite of solutions for state and local governments spanning functions in procurement, payments, grant management, budgeting, and permitting: Bonfire provides strategic sourcing and procurement software to enable confident and compliant spend; CityBase provides government payment solutions to connect constituents with utilities and government agencies; eCivis offers a grant management system to maximize grant revenues and track performance; Open Counter provides government payment software to guide applicants through complex permitting and licensing procedures; Questica offers budget preparation and management software to deliver on financial and non-financial strategic objectives; Sherpa provides public sector budgeting software and consulting services. Forward-Looking Statements This release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. The company’s actual results may differ from its expectations, estimates and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the company’s expectations with respect to future performance. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside of the company’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the impact of public health crises, epidemics and pandemics such as the COVID-19 pandemic on our operations, our customers and the economy, including the duration, spread and severity of such crises, and variants, vaccinations, treatments, testing and recurrences; (2) the costs of acquisitions and the risk that the ongoing integration of the businesses acquired in our business combination and any subsequent acquisitions disrupts current plans and operations; (3) our ability to fully recognize the anticipated benefits of the business combination and any subsequent acquisitions, which may be affected by, among other things, competition and the ability of the combined company to grow and manage growth profitably; (4) our ability to attract, retain, and motivate key employees and, if they depart, to recruit, hire, and motivate replacements with comparable or better knowledge, skills and abilities; (5) our failure to generate sufficient cash flow from our business to make payments on our debt; (6) our ability to raise or borrow additional funds on acceptable terms; (7) changes in applicable laws or regulations and the adoption of new accounting standards, statements and interpretations; (8) legal proceedings and investigations that could harm our business, including those relating to former special purpose acquisition companies; (9) the possibility that the company may be adversely affected by other economic, business or competitive factors, including inflation; and (10) other risks and uncertainties included in our Annual Report on Form 10-K for the year ended December 31, 2021 and our subsequent filings with the Securities and Exchange Commission. We caution you that the foregoing list of factors is not exclusive, and readers should not place undue reliance upon any forward-looking statements, which speak only as of the date made. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by applicable securities laws.

KITCHENER, Ontario--(BUSINESS WIRE)-- #bonfire--Bonfire celebrates the tenth anniversary of its eProcurement platform.

NEW ORLEANS--(BUSINESS WIRE)--Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC (“KSF”) are investigating the proposed sale of GTY Technology Holdings Inc. (NasdaqCM: GTYH) to GI Partners. Under the terms of the proposed transaction, shareholders of GTY will receive only $6.30 in cash for each share of GTY that they own. KSF is seeking to determine whether this consideration and the process that led to it are adequate, or whether the consideration undervalues the Company. If you believe that this transaction undervalues the Company and/or if you would like to discuss your legal rights regarding the proposed sale, you may, without obligation or cost to you, e-mail or call KSF Managing Partner Lewis S. Kahn (lewis.kahn@ksfcounsel.com) toll free at any time at 855-768-1857, or visit https://www.ksfcounsel.com/cases/nasdaqcm-gtyh/ to learn more. To learn more about KSF, whose partners include the Former Louisiana Attorney General, visit www.ksfcounsel.com.

OAKVILLE, Ontario--(BUSINESS WIRE)--Questica Inc., the leading provider of public sector budgeting solutions, today announced that Jasper County, TX is implementing Questica solutions to support its immediate and future budgeting processes. Questica is a subsidiary of GTY Technology Holdings Inc. (Nasdaq: GTYH) (“GTY”), a leading provider of cloud solutions for the public sector. With a budget of $25M, Jasper County sought to modernize its financial processes by introducing new technology that would streamline workflow operations. Leadership in the county wanted a solution that would not only increase the accuracy and security around personnel and budgeting but also automate budgeting functions to save staff time and money. Jasper County selected cloud-based budgeting software from Questica to help introduce automated processes that will streamline budgeting and auditing, increase administrative controls, and support comprehensive data collection. “This new solution from Questica will help us to move away from spreadsheets, to be more strategic and innovative through our entire budgeting operations,” said Melissa Smith, County Auditor of Jasper County. “We are confident that introducing this technology will provide the same benefit to Jasper County as it has to other Texan counties.” “We are excited to see the results that local governments in Texas are achieving with Questica,” said Craig Ross, President and Chief Executive Officer, Questica. “As they have been for local governments around the country, our Operating and Personnel modules will be transformative to the county’s operations, empowering growth and freeing personnel to focus on more strategic tasks.” About Questica For over 20 years, Questica has partnered with public sector organizations to enable data-driven budgeting and decision-making, while increasing data accuracy, productivity and improving stakeholder trust. Over 700 organizations are using Questica’s budgeting, performance, transparency and engagement software solutions. For more information about Questica, visit questica.com. About GTY Technology Holdings Inc. GTY Technology Holdings Inc. (NASDAQ: GTYH) (“GTY”) brings leading public sector technology companies together to achieve a new standard in stakeholder engagement and resource management. Through its six business units, GTY offers an intuitive cloud-based suite of solutions for state and local governments, education institutions, and healthcare organizations spanning functions in procurement, payments, grant management, budgeting, and permitting: Bonfire provides strategic sourcing and procurement software to enable confident and compliant spending decisions; CityBase provides government payment solutions to connect constituents with utilities and government agencies; eCivis offers a grant management system to maximize grant revenues and track performance; OpenCounter provides government payment software to guide applicants through complex permitting and licensing procedures; Questica offers budget preparation and management software to deliver on financial and non-financial strategic objectives; Sherpa provides public sector budgeting software and consulting services.

OAKVILLE, Ontario--(BUSINESS WIRE)--Questica today announced that it has been selected by Jasper County, TX to support immediate and future budgeting processes.

CHICAGO--(BUSINESS WIRE)--CityBase, a leading provider of government and utility payment technology, today announced a new engagement with the Township of Lakewood, NJ. Lakewood will introduce new kiosk bill payment machines to support in-person payments for various municipal bills. CityBase is a business unit of GTY Technology Holdings Inc. (Nasdaq: GTYH), a leading provider of SaaS/Cloud solutions for the public sector. Lakewood Township will introduce the three self-service payment kiosks at their Municipal Building (231 Third Street Lakewood, NJ 08701), including two that offer 24/7 service. Residents will have the option to pay property and excise taxes on the kiosks using cash, checks, and credit/debit cards. Transactions will be free for customers paying by cash and check. Lakewood used federal funding to purchase the new accessible payment technology. “Lakewood is introducing these kiosks to significantly improve convenience for customers who pay their Township bills in person. The CityBase payment kiosks will make it much faster for customers to make payments, even outside our regular business hours. It will also remove the need for our staff to handle cash, which will improve the security of our lobbies and eliminate human error,” said Patrick Donnelly, Municipal Manager of Lakewood Township. “The CityBase cloud-based payment solution integrates with our existing billing system, allowing for easier revenue collection and reconciliation.” “Lakewood Township has taken a commendable step to improve convenience and equal access for residents to meet financial obligations and stay in good standing. Soon, Lakewood residents will have an open access point to their city government no matter the time of day, payment method, or bank account status,” said Mike Duffy, CEO and founder of CityBase. “Lakewood’s kiosk initiative shows its leadership in adopting the most modern tools for local government, and a strong commitment to meeting the varied needs of its entire community.” About CityBase CityBase makes government and utility technology that modernizes and unifies the way people find, apply, and pay for services. More than 100 government agencies, utilities, cities, and counties use CityBase technology to provide hassle-free payments and digital services to their customers and staff. CityBase integrates payment functionality, business processes, and communications onto a central, cloud-based platform that consumers can access through the web, mobile, kiosk, or point of sale. Learn more at thecitybase.com. About GTY Technology Holdings Inc. GTY Technology Holdings Inc. (NASDAQ:GTYH) (“GTY”) brings leading public sector technology companies together to achieve a new standard in stakeholder engagement and resource management. Through its six business units, GTY offers an intuitive cloud-based suite of solutions for state and local governments, education institutions, and healthcare organizations spanning functions in procurement, payments, grant management, budgeting, and permitting: Bonfire provides strategic sourcing and procurement software to enable confident and compliant spending decisions; CityBase provides government payment solutions to connect constituents with utilities and government agencies; eCivis offers a grant management system to maximize grant revenues and track performance; OpenCounter provides government permitting software to guide applicants through complex permitting and licensing procedures; Questica offers budget preparation and management software to deliver on financial and non- financial strategic objectives; Sherpa provides public sector budgeting software and consulting services.

CHICAGO--(BUSINESS WIRE)-- #GTY--CityBase announces a new engagement with the Township of Lakewood, NJ to introduce new kiosk bill payment machines to support in-person payments.

NEW YORK , May 9, 2022 /PRNewswire/ -- Halper Sadeh LLP, an investor rights law firm, is investigating the following companies for potential violations of the federal securities laws and/or breaches of fiduciary duties to shareholders relating to: GTY Technology Holdings Inc. (NASDAQ: GTYH) 's  sale to GI Partners for $6.30 in cash per share. If you are a GTY Technology shareholder, click here to learn more about your rights and options.

BOSTON--(BUSINESS WIRE)--GTY Technology Holdings Inc. (Nasdaq: GTYH) (“GTY”), a leading vertical SaaS/Cloud solution provider for the public sector, today announced financial results for the first quarter ended March 31, 2022. “Our first quarter results mark a strong start to the year after record revenues in fiscal year 2021,” stated TJ Parass, CEO of GTY. “These results are a testament to our focused execution and the strong demand for our products as more and more public sector organizations are pushing to modernize and transform their operations. We are also pleased to have announced entering into a definitive agreement to be acquired by GI Partners, which we believe will support GTY to build on our momentum and unlock the next phase of growth for our company.” First Quarter 2022 Financial Highlights Revenue: Total GAAP revenue for the first quarter of 2022 was $15.9 million, up 20% compared to $13.3 million in the first quarter of 2021. Total non-GAAP revenue for the first quarter of 2022 was $16.0 million, up 20% compared to $13.4 million in the first quarter of 2021. Gross Profit: Gross profit for the first quarter of 2022 was $9.9 million, compared to $8.5 million for the first quarter of 2021. Gross margin for the first quarter of 2022 was 62%, compared to 64% for the first quarter of 2021. Non-GAAP gross profit for the first quarter of 2022 was $10.4 million, compared to $8.9 million for the first quarter of 2021. Non-GAAP gross margin was 65% for the first quarter of 2022, compared to 67% for the first quarter of 2021. Operating (Loss): Operating loss for the first quarter of 2022 was $(7.6) million, compared to an operating loss of $(8.1) million in the first quarter of 2021. Non-GAAP operating loss for the first quarter of 2022 was $(2.1) million, compared to an operating loss of $(1.5) million in the first quarter of 2021. Net (Loss): Net loss for the first quarter of 2022 was $(4.7) million, or $(0.08) per share, based on 58.0 million weighted average shares outstanding. During the first quarter of 2021, net loss was $(18.0) million, or $(0.32) per share, based on 55.8 million weighted average shares outstanding. Definitions and reconciliations of all non-GAAP financial measures and additional information regarding operating measures are included below in the section titled “Use of Non-GAAP Financial Measures” and in the accompanying tables. All comparisons in this press release are year over year unless otherwise provided. First Quarter 2022 Highlights and Key Metrics The number of customers was 1,934 as of March 31, 2022, an increase of 8% from 1,793 as of March 31, 2021. Average annual recurring revenue, or ARR, per customer increased 15% to $28,300 compared to March 31, 2021. Additional information regarding our new customers, total customers and Annual Recurring Revenue and how each are calculated are included below. Definitive Agreement with GI Partners On April 29, 2022, GTY announced that it had entered into a definitive agreement to be acquired by GI Partners for $6.30 per share. The transaction is expected to close in the third quarter of 2022, subject to customary closing conditions, including approval by GTY shareholders and receipt of regulatory approvals. Upon closing of the transaction, GTY would become a private company, and its common stock would no longer be listed on any public market. Cancellation of Earnings Conference Call and Suspension of Guidance In light of the announced transaction with GI Partners, GTY has cancelled its earnings conference call previously scheduled for May 9, 2022. In addition, the company will not be providing financial guidance for the second quarter of 2022 and is suspending its financial guidance for the full year 2022 as a result of the pending transaction. About GTY Technology Holdings Inc. GTY Technology Holdings Inc. (NASDAQ: GTYH) (“GTY”) brings leading public sector technology companies together to achieve a new standard in stakeholder engagement and resource management. Through its six business units, GTY offers an intuitive cloud-based suite of solutions for state and local governments, education institutions, and healthcare organizations spanning functions in procurement, payments, grant management, budgeting, and permitting: Bonfire provides strategic sourcing and procurement software to enable confident and compliant spending decisions; CityBase provides government payment solutions to connect constituents with utilities and government agencies; eCivis offers a grant management system to maximize grant revenues and track performance; Open Counter provides user-friendly software to guide applicants through complex permitting and licensing procedures; Questica offers budget preparation and management software to deliver on financial and non-financial strategic objectives; Sherpa provides public-sector budgeting software and consulting services. Additional Information and Where to Find It In connection with the proposed acquisition of GTY (the “Transaction”), GTY plans to file a proxy statement (the “Transaction Proxy Statement”) with the Securities and Exchange Commission (the “SEC”) in connection with the solicitation of proxies to approve the Transaction. Promptly after filing the definitive Transaction Proxy Statement with the SEC, GTY will mail the definitive Transaction Proxy Statement and proxy card to each shareholder entitled to vote at the special meeting to consider the Transaction. SHAREHOLDERS ARE URGED TO READ THE TRANSACTION PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS THAT GTY WILL FILE WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Shareholders may obtain, free of charge, the preliminary and definitive versions of the Transaction Proxy Statement, any amendments or supplements thereto, and any other relevant documents filed by GTY with the SEC in connection with the Transaction at the SEC’s website (http://www.sec.gov). Copies of GTY’s definitive Transaction Proxy Statement, any amendments or supplements thereto, and any other relevant documents filed by GTY with the SEC in connection with the Transaction will also be available, free of charge, at GTY’s website (https://gtytechnology.com/about/investor-materials) or by writing to GTY, Attention: Investor Relations, 800 Boylston Street, 16th Floor, Boston, Massachusetts, 02199. Participants in the Solicitation GTY, its directors and certain executive officers may be deemed to be participants in the solicitation of proxies from shareholders in connection with the Transaction. Additional information regarding such participants, including their direct or indirect interests, by security holdings or otherwise, will be included in the Transaction Proxy Statement and other relevant documents to be filed with the SEC in connection with the Transaction. Information about GTY’s directors and executive officers and their ownership of GTY’s common shares is set forth in the definitive proxy statement for GTY’s 2022 annual meeting of shareholders filed with the SEC on April 28, 2022. Free copies of these documents may be obtained as described in the preceding paragraph. Forward-Looking Statements This release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. The company’s actual results may differ from its expectations, estimates and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the company’s expectations with respect to future performance or the Transaction, including the expected timing of the closing of the Transaction; considerations taken into account by GTY’s Board of Directors in approving the Transaction; and expectations for GTY following the closing of the Transaction. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside of the company’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the impact of public health crises, epidemics and pandemics such as the COVID-19 pandemic on our operations, our customers and the economy, including the duration, spread and severity of such crises, and variants, vaccinations, treatments, testing, and recurrences; (2) the costs of acquisitions and the risk that the ongoing integration of the businesses acquired in our business combination and any subsequent acquisitions disrupts current plans and operations; (3) the ability to fully recognize the anticipated benefits of the business combination and any subsequent acquisitions, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably; (4) the ability to attract, retain, and motivate its key employees and, if they depart, to recruit, hire, and motivate replacements with comparable or better knowledge, skills and abilities; (5) our failure to generate sufficient cash flow from our business to make payments on our debt; (6) our ability to raise or borrow additional funds on acceptable terms; (7) changes in applicable laws or regulations and the adoption of new accounting standards, statements, and interpretations; (8) legal proceedings and investigations that could harm our business, including those relating to former special purpose acquisition companies; (9) the possibility that the company may be adversely affected by other economic, business or competitive factors, including inflation; (10) the possibility that the conditions to the closing of the Transaction are not satisfied, including the risk that required approvals from GTY’s shareholders for the Transaction or required regulatory approvals to consummate the Transaction are not obtained; (11) potential litigation relating to the Transaction; (12) uncertainties as to the timing of the consummation of the Transaction; (13) the ability of each party to consummate the Transaction; (14) possible disruption related to the Transaction to GTY’s current plans and operations, including through the loss of customers and employees; and (15) other risks and uncertainties included in our Annual Report on Form 10-K for the year ended December 31, 2021 and our subsequent filings with the Securities and Exchange Commission. We caution you that the foregoing list of factors is not exclusive, and readers should not place undue reliance upon any forward-looking statements, which speak only as of the date made. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by applicable securities laws. Use of Non-GAAP Financial Measures To supplement its condensed consolidated financial statements, which are prepared in accordance with U.S. generally accepted accounting principles, or GAAP, GTY has provided in this release certain financial measures that have not been prepared in accordance with GAAP defined as “non-GAAP financial measures,” which include (i) non-GAAP revenues, (ii) non-GAAP gross profit and non-GAAP gross margin, (iii) and non-GAAP loss from operations. GTY’s management uses these non-GAAP financial measures internally in analyzing its financial results and believes they are useful to investors, as a supplement to the corresponding GAAP measures, in evaluating GTY’s ongoing operational performance and trends. However, it is important to note that particular items GTY excludes from, or includes in, its non-GAAP financial measures may differ from the items excluded from, or included in, similar non-GAAP financial measures used by other companies in the same industry. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures. A reconciliation of the non-GAAP financial measures to such GAAP financial measures has been provided in the tables included as part of this press release. Non-GAAP Revenues. Non-GAAP revenues are defined as GAAP revenues adjusted for the impact of purchase accounting resulting from its business combination which reduced its acquired contract liabilities to fair value. The company believes that presenting non-GAAP revenues is useful to investors as it eliminates the impact of the purchase accounting adjustments to revenues to allow for a direct comparison between periods. Non-GAAP Gross Profit and Non-GAAP Gross Margin. Non-GAAP gross profit is defined as GAAP gross profit adjusted for the impact of purchase accounting resulting its business combination and share-based compensation. Non-GAAP gross margin is defined as non-GAAP gross profit divided by non-GAAP revenues. The company believes that presenting non-GAAP gross profit and margin is useful to investors as it eliminates the impact of the purchase accounting adjustments to allow for a direct comparison between periods. Non-GAAP Loss From Operations. Non-GAAP loss from operations is defined as GAAP loss from operations adjusted for the impact of purchase accounting to revenues resulting from its business combination, the amortization of acquired intangible assets, share-based compensation, acquisition related costs, goodwill impairment expense, restructuring expenses and the change in fair value of contingent consideration. The company believes that presenting non-GAAP loss from operations is useful to investors as it eliminates the impact of certain non-cash and acquisition related expenses to allow a direct comparison of loss from operations between periods. Non-GAAP Net Loss. Non-GAAP net loss is defined as GAAP net loss adjusted for the impact of purchase accounting to revenues resulting from GTY’s business combination, the amortization of acquired intangible assets, share-based compensation, acquisition related costs, goodwill impairment expense, restructuring expenses, the change in fair value of contingent consideration, loss from repurchase/issuance of shares and the change in fair value of warrant liability. The company believes that presenting non-GAAP loss from operations is useful to investors as it eliminates the impact of certain non-cash and acquisition related expenses to allow a direct comparison of loss from operations between periods. Operating Metrics We define the number of customers as the number of accounts with a unique account identifier for which we have an active contract in the period indicated. New customers have signed a new contract with a GTY entity in the period. We define ARR as the annualized revenue run-rate of subscription, maintenance or transaction-based agreements from all customers at a point in time. For transaction based CityBase contracts we use the following calculation: For large projects (>$10K per month) with 12 months or more of history we use the trailing 12 months of history. For large projects with less than 12 months, we calculate an annualized value based on history available. For small projects (<$10K per month) we annualize the most recent month’s activity. Average ARR per customer is calculated by dividing total ARR at the end of the period by the number of customers at the end of the period. $ 15,900 $ 13,259 6,037 4,742 9,863 8,517 5,245 3,762 6,295 5,193 4,033 2,985 3,593 3,599 (1,677 ) 1,114 17,489 16,653 (7,626 ) (8,136 ) (687 ) (859 ) - (5,333 ) 2,956 (4,038 ) - 239 (41 ) (71 ) 2,228 (10,062 ) (5,398 ) (18,198 ) 743 170 $ (4,655 ) $ (18,028 ) $ (0.08 ) $ (0.32 ) 58,033 55,828 $ (4,655 ) $ (18,028 ) (393 ) 255 (393 ) 255 $ (5,048 ) $ (17,773 ) $ 447 $ 292 657 359 1,979 946 349 226 $ 3,432 $ 1,823 March 31, 2022 December 31, 2021 March 31, 2021 $ 15,900 $ 16,620 $ 13,259 129 104 122 $ 16,029 $ 16,724 $ 13,381 $ 9,863 $ 10,120 $ 8,517 129 104 122 $ 447 $ 357 292 $ 10,439 $ 10,581 $ 8,931 62 % 61 % 64 % 65 % 63 % 67 % $ (7,626 ) $ (20,976 ) $ (8,136 ) 129 104 122 3,593 3,668 3,599 3,432 2,942 1,823 - 15,827 - (1,677 ) (3,002 ) 1,114 $ (2,149 ) $ (1,437 ) $ (1,478 ) $ (4,655 ) $ (20,800 ) $ (18,028 ) 129 104 122 3,593 3,668 3,599 3,432 2,942 1,823 - 15,827 - (1,677 ) (3,002 ) 1,114 (2,956 ) (2,195 ) 4,038 - - 5,333 $ (2,134 ) $ (3,456 ) $ (1,999 ) March 31, December 31, 2022 2021 $ 11,274 $ 13,329 13,510 12,604 5,766 4,191 30,550 30,124 3,120 3,208 82,935 86,528 268,808 268,808 7,784 6,276 $ 393,197 $ 394,944 $ 7,430 $ 5,483 28,688 26,816 547 13 868 721 37,533 33,033 1,687 1,979 1,912 4,868 17,137 17,738 40,807 43,032 24,940 24,641 3,859 2,716 127,875 128,007 6 6 47,447 50,358 407,851 401,507 (437 ) (44 ) (8,343 ) (8,343 ) (181,202 ) (176,547 ) 265,322 266,937 $ 393,197 $ 394,944 $ (4,655 ) $ (18,028 ) 257 253 3,593 3,599 269 279 3,432 1,823 (601 ) (170 ) - 5,333 (2,956 ) 4,038 (1,677 ) 1,114 - (239 ) 298 331 (866 ) (789 ) (1,749 ) (1,536 ) 1,799 (813 ) 1,394 1,747 (229 ) (348 ) (1,691 ) (3,406 ) (170 ) (31 ) - 6 (170 ) (25 ) (14 ) (28 ) - (8,043 ) - 6,790 (98 ) (143 ) (112 ) (1,424 ) (82 ) (9 ) (2,055 ) (4,864 ) 13,329 22,800 11,274 17,936

BOSTON--(BUSINESS WIRE)--GTY Technology Holdings Inc. (Nasdaq: GTYH) (“GTY”), a leading vertical SaaS/Cloud solution provider for the public sector, today announced financial results for the first quarter ended March 31, 2022. “Our first quarter results mark a strong start to the year after record revenues in fiscal year 2021,” stated TJ Parass, CEO of GTY. “These results are a testament to our focused execution and the strong demand for our products as more and more public sector organizations