GI Partners, a private investment firm, announced it acquired GTY Technology Holdings Inc., a SaaS company that offers solutions for governments, educational institutions and healthcare organizations, for $374 million.
GI Partners, founded in 2001, has more than 130 employees with offices in San Francisco, New York, Chicago, Greenwich, Scottsdale and Dallas. The firm’s assets under management total $35 billion and it invests primarily in companies in the healthcare, IT infrastructure, services and software sectors.
Boston-based GTY Technology Holdings provides services spanning functions in procurement, payments, grant management, budgeting and permitting.
GTY shareholders received $6.30 in cash for each share of GTY common stock that they held. The purchase price represents a 123% premium over the closing share price on April 28, 2022, the last full trading day prior to the transaction announcement, and a 57% premium over the 90-day, volume-weighted average closing share price through April 28, 2022. This is the first GI Partners transaction of the year.
According to the LevinPro HC Database, this deal was the 204theHealth deal of the year. Of those, 23 of them were done by private equity firms and/or their portfolio companies. During the same period in 2021, 196 eHealth deals had been compiled with 33 of those having been done by private equity firms and/or their portfolio companies.
