Greater Sum Ventures Makes Majority Investment in SOMA Global, Pioneering Integrated Cloud-Native Solutions for the Public Safety Sector
The following is a copy of an article published on Business Wire on February 08, 2024. 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 SOMA Global, a trailblazer in cloud-native public safety software solutions. The investment follows on GSV’s recent acquisition of Utility, Inc., signaling a new advancement in integrated technology solutions for law enforcement and first responders.
The funding will provide additional capital to increase SOMA Global’s investment in innovation to empower public safety agencies with state-of-the-art, reliable, and scalable solutions. The company will continue to be led by CEO Chris Maloney and the leadership team based in Tampa, Florida. The company was previously backed by Weatherford Capital, also of Tampa, which will continue as a minority investor. Terms of the transaction were not disclosed.
“SOMA Global is at the forefront of service to the public safety sector with its market-leading cloud platform designed to modernize the tools that agencies rely on every day,” said Ross Croley, CEO and founder of GSV. “The strategic alliance of SOMA Global and Utility will enhance value to agencies and officials tasked with building safer, more connected communities. We aim to elevate the standards of community safety and operational efficiency through the integration of advanced technology, sophisticated data analytics, and cutting-edge body-worn cameras.”
Chris Maloney, CEO of SOMA Global, added: “We are at the cusp of a new era in public safety solutions. This transaction, along with GSV’s acquisition of Utility, illustrates our shared commitment to advancing public safety technology. Our combined strengths, resources, and expertise set the stage for unprecedented innovation and service excellence. I look forward to working with this team to redefine what’s possible in serving our communities.”
Founded in 2017 by a team of public safety and tech veterans, SOMA Global delivers modern, best-of-breed solutions with a primary focus on saving lives and protecting first responders. The company’s enterprise cloud platform offers modules for critical response, incident management, corrections, and administration to meet the needs of public safety and government agencies. The company has been named to Government Technology magazine’s prestigious GovTech 100 list for four consecutive years and named one of Tampa Bay’s Top Workplaces.
Sister company Utility was acquired by GSV in November 2023. 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.
“It’s a pivotal moment for the public safety sector as we partner to accelerate the combined potential of our companies and the subsequent benefit to our clients,” said Michael Nark, president and CEO of Utility. “The rich integration we can create will provide a unified user experience as well as instant, transparent, and secure intelligence.”
About SOMA Global
SOMA Global empowers public safety and government agencies to build safer, more resilient communities through modern technology. The SOMA solution streamlines software with a unified ecosystem of pre-built applications, workflows, automations, and data interoperability. Its enterprise platform includes four key suites – critical response, incident management, corrections, and administrative – that empower state and local organizations with the tools they need to better protect the communities they serve. Find more information about SOMA on Twitter, Facebook, LinkedIn, or at somaglobal.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 strong 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 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.
