OpenGov Continues Expansion with Acquisition of Operations and Asset Management Leader Cartegraph to Address the Growing Demand for Infrastructure Improvements
The following is a copy of an article published on PRNewswire.com on July 22, 2022. The full article can be found here.
SAN JOSE, Calif., July 27, 2022 /PRNewswire/ -- OpenGov, the leader in modern cloud software for our nation's cities, counties, and state agencies, expands its industry-leading government cloud solutions with the acquisition of Cartegraph, the leader in cloud software for public agency operations and infrastructure asset management.
"With this acquisition, we are bringing together two incredible, mission-driven teams to meet the needs of the public sector, now and for the future," said OpenGov Co-founder and CEO Zac Bookman. "There has never been a better time to modernize our nation's governments, and we have been investing to grow the OpenGov Cloud to ensure that every government leader has the best solutions to serve the critical needs of their (and our) communities. We are thrilled to welcome Cartegraph and its team of outstanding employees and innovative local government customers to the OpenGov family!"
Local government modernization has been rapidly accelerating over the past few years, driven by a "perfect storm" of forces — from workforce changes, and the rise of ransomware attacks, to a massive inflow of federal stimulus funds, and increasing demand for digital services. Legacy technology is aging out and cloud software is on the rise because it enables connected workflows and access to critical data. America's infrastructure challenges, in particular, are at the forefront of this digital transformation, due in part to the $1.2 trillion Infrastructure Investment and Jobs Act. To effectively manage this unprecedented level of spending, local governments need a purpose-built government cloud solution like Cartegraph.
Over the past 10 years, OpenGov has built modern, cloud software to serve the budgeting and planning; permitting, licensing, and code enforcement; procurement and solicitation development; financial management; and reporting and transparency needs of local and state governments.
Meanwhile, Cartegraph has developed a powerful suite of public agency operations and infrastructure management solutions, including asset and work management tools for public works, utilities, parks, and facilities teams. By bringing together these solutions, OpenGov can more effectively serve the key strategic functions of governments.
"We couldn't be more excited about joining OpenGov," said Josh Mallamud, Cartegraph CEO. "As we sought a partner for the next chapter of Cartegraph's growth, we looked for a team with three key components: aligned vision and values, a commitment to customer success and building modern cloud-first solutions, and a desire to accelerate our current, exceptional momentum through increased investment. OpenGov delivers on all accounts. With a phenomenal team, the right technology architecture, the resources to invest in Cartegraph's accelerated growth and software development, and a clear commitment to this market for decades to come, OpenGov is the perfect place for the Cartegraph team to continue to grow."
For this transaction, Cartegraph, a Pamlico Capital portfolio company, was represented by William Blair. OpenGov, with new investment from Cox Enterprises, was represented by Shea & Company. This announcement refers to a definitive agreement between OpenGov and Cartegraph, subject to customary conditions and regulatory approval and is expected to close in the third quarter of 2022.
About OpenGov
OpenGov is the leader in modern cloud software for our nation's cities, counties, and state agencies. With a mission to power more effective and accountable government, OpenGov serves more than 1,100 agencies across the U.S. and is built exclusively for the unique budgeting, procurement, and citizen services needs of the public sector. The OpenGov Cloud makes organizations more collaborative and efficient and enables best-in-class communication with stakeholders and community.
About Cartegraph
Cartegraph builds safer, more resilient and sustainable communities through better stewardship of buildings and critical infrastructure. It offers powerful, intuitive SaaS solutions that help government agencies, utilities, and educational institutions manage their physical assets and associated operations. With Cartegraph software, users optimize the life of their infrastructure, deploy maintenance resources efficiently, and increase productivity to drive high-performance operations. For more information, visit cartegraph.com.