MANHATTAN, Kan., May 13, 2019 -- CivicPlus, the integrated technology platform for local government, has announced a strategic minority investment partnership with BV Investment Partners ("BV"), a middlemarket private equity firm focused on the business services, software, and IT services sectors. The minority investment is being made in partnership with Ward Morgan, founder of CivicPlus, and with the existing CivicPlus management team. BV is a private equity firm based in Boston, Massachusetts that has been in business since the early 1980s. BV has invested in a portfolio of relevant companies and will bring growth capital and strategic business development insights to CivicPlus.
With over 20 years of success serving the needs of local governments and a commitment to an aggressive product development roadmap focused on developing innovative solutions exclusive to the public sector, the leadership at CivicPlus determined the timing was ideal for forming a strategic partnership with a minority investor that can help take CivicPlus to the next level of growth.
Brian Rempe, CivicPlus Chief Executive Officer, said, "We went through a careful vetting process to find the right partner who can help us achieve our ambitious goals in the years ahead. In BV, we found a like-minded partner that appreciates our market, our unique position within it, our culture and employees, and the extraordinary opportunity that lies ahead in helping make local government work better. I'm extremely proud of all that we have accomplished to date, and I'm confident that the partnership with BV will put us in an even stronger position to offer even greater value to our clients and their citizens."
Justin Harrison, managing partner of BV Investment Partners, said, "We have had a running investment thesis within GovTech, and CivicPlus stood out to us very early on as a clear leader. Ward, Brian, and their team have built a great company, and we are honored and excited to partner with them for this next phase of growth at CivicPlus. This investment aligns well with our broader constituent engagement, software and technology services practices, and with our philosophy of partnering with great management teams to help accelerate growth."
"We have accomplished monumental achievements over the past two decades," said Ward Morgan, founder and majority owner of CivicPlus, "but we know that we are still scratching the surface of what we can accomplish in the years ahead. We are delighted to have found in BV a firm that shares our excitement and vision for CivicPlus' future and look forward to working closely with them to make that vision a reality."
CivicPlus was advised by GLC Advisors (exclusive financial advisor) and Polsinelli LLP (legal advisor). BV was advised by Ropes & Gray LLP (legal advisor).
CivicPlus is the integrated technology platform for local government, working with over 3,500 local governments including municipalities, counties, and municipal departments. CivicPlus has been selected by Inc. Magazine as "One of the Fastest Growing Privately Held Companies in the U.S." since 2011. For more information, visit https://www.CivicPlus.com.
About BV Investment Partners
BV Investment Partners is currently investing its ninth private equity fund. The firm is one of the oldest and most experienced sector-focused private equity firms in North America. Since its founding in 1983, the firm has invested over $3.4 billion, actively targeting investments in the business services, software, and IT services industries. For more information, please visit bvlp.com.
GLC Technology Group
GLC provides senior-level advice and attention to technology leaders, entrepreneurs and financial sponsors. GLC’s Technology Group specializes in providing sell-side M&A advisory, buy-side M&A advisory, minority and majority recapitalizations, capital raising including placements of debt and equity, and other corporate finance advisory services. The GLC Technology Group has decades of technology M&A and capital markets experience, closed transactions representing billions of dollars in aggregate transaction value and has worked on behalf of or across the table from leading technology consolidators and technology-focused private equity firms.
Adam T. Haynes / Managing Director / Adam.Haynes@glca.com / 303.479.3842
David J. Bluth / Managing Director / David.Bluth@glca.com / 303.479.3855
Jim C. Williams / Director / Jim.Williams@glca.com / 303.479.3850
1512 Larimer St. / 9th Floor / Denver, Colorado 80202 / www.glca.com
GLC Advisors & CO.
GLC Advisors & Co. delivers objective, senior-level expertise to clients through a variety of advisory assignments including: M&A, financing/debt advisories, restructurings/recapitalizations, fairness opinions, and valuations. Offices are located in New York, San Francisco, and Denver.
GLC Advisors is affiliated with GLC Investment Advisors, an investment firm that provides debt and equity capital for leveraged buyouts, strategic acquisitions, recapitalizations and growth financings for middle market companies.