Greater Sum Ventures Makes Majority Investment in Utility, Inc., a Technology Company for Frontline Professions
The following is a copy of an article published on Business Wire on November 13, 2023. The full article can be found here.
KNOXVILLE, Tenn.--(BUSINESS WIRE)--Entrepreneurial family office and growth equity firm Greater Sum Ventures (GSV) today announced its majority investment in Utility Associates, Inc. (Utility). Utility is at the forefront of providing innovative, digital systems tailored for frontline professionals such as law enforcement officers and first responders.
Utility was previously backed by Hicks Holdings LLC of Dallas, which will continue as a minority investor, alongside new minority investor PSG Equity, a leading growth equity firm with a history of partnering with software and technology-enabled services companies to help accelerate their growth. Terms of the transaction were not disclosed.
The funding will provide additional capital to increase Utility’s investment in innovation and help further accelerate its growth. The company will continue to be led by President and CEO Michael Nark and the leadership team based in Decatur, Georgia.
“Utility is a respected leader in both software and hardware solutions for the law enforcement and first responders who keep our communities safe,” said Ross Croley, CEO and founder of GSV. “The demand for advanced technology services is only growing as counties and municipalities increasingly require digital video documentation and accessible evidence storage. Utility’s differentiated service offerings bring world-class innovation to the intersection of data and public safety.”
Michael Nark, President and CEO of Utility, added: “Utility serves forward-thinking clients who are seeking best-in-class solutions to make a positive impact on their communities while establishing trust. This investment will help us to meet their growing needs through advanced technology and support capabilities. We’re gratified by GSV’s confidence and partnership as we extend our next-generation products and services to public sectors around the world.”
Founded in 2000, Utility delivers digital systems for public agencies that depend on speed, accuracy, transparency, and easy-to-access data. The company meets the ever-increasing demands of frontline professionals and the communities they serve through digital evidence management, in-car video, and advanced body cameras. Utility’s suite of solutions include:
EOS by Utility™: the only patented policy-driven body camera on the market that automatically activates and records based on response to specific operational sensors
POLARIS by Utility™: a powerful, all-in-one cloud-based digital evidence and critical incident management platform that offers users a wide range of features and case management capabilities
ROCKET by Utility™: a powerful, in-car communication and video platform complete with multi-dimensional capabilities and secure evidence-gathering automation to deliver comprehensive, time-saving intelligence
HELIOS by Utility™: a central digital evidence management platform created for district attorneys, enabling the consolidation of digital files from various agencies into a singular organized interface
PULSAR by Utility™: an AI-powered license plate capturing and alerting solution that strengthens the effectiveness of evidence collection and analysis
TITAN by Utility™: a unified video access view for faster crime resolution and awareness to drive greater community safety, incident investigation, and suspect apprehension
“Utility enables law enforcement professionals and first responders to securely collect and manage digital evidence, while ultimately building trust within their communities. Their offerings are crucial in the highly compelling public safety software market. We are thrilled to partner with Michael and the Utility team in their next phase of growth,” said Marco Ferrari, Managing Director at PSG.
Shea & Company acted as the exclusive financial advisor to Utility.
About Utility
Utility, the innovative technology-enabled service provider recognized for creating groundbreaking digital systems for frontline professions, provides a universe of intuitive products for effectively capturing, managing, and releasing video evidence. Technologies include a variety of cameras, sensors and devices, as well as situational awareness software solutions for law enforcement, first responders, transportation agencies and utility providers. To learn more about Utility and its technology solutions, please visit utility.com.
About Greater Sum Ventures
Greater Sum Ventures (GSV) is an entrepreneurial family office that invests its own capital in middle market software and tech-enabled services companies. With entrepreneurial roots and proven operational and investing experience, GSV works with select independent co-investing partners to build platforms of technology companies that revolutionize the industries they serve. Headquartered in Knoxville, Tennessee, GSV provides access to capital and operational support to midmarket technology firms all over the world. To learn more, visit GreaterSumVentures.com.
About PSG Equity
PSG Equity (“PSG”) is a growth equity firm that partners with software and technology-enabled services companies to help them navigate transformational growth, capitalize on strategic opportunities and build strong teams. Having backed more than 130 companies and facilitated over 470 add-on acquisitions, PSG brings extensive investment experience, deep expertise in software and technology, and a firm commitment to collaborating with management teams. Founded in 2014, PSG operates out of offices in Boston, Kansas City, London, Paris, Madrid and Tel Aviv. To learn more about PSG, visit www.psgequity.com.
