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GTY TECHNOLOGY HOLDINGS ANNOUNCES Q1 2019 RESULTS
|·||Initial Business Combination closed on February 19, 2019|
|·||Hired two new senior executives, including EVP of Sales, to drive sales channel growth and cross-selling opportunities|
(Austin, Texas, May 13, 2019) – GTY Technology Holdings Inc. (Nasdaq: GTYH) (“GTY”), a leading vertical SaaS/Cloud solution for the public sector, announced before market today its Q1 2019 results. This is the first quarter of significant operations for the company with GTY closing its previously announced business combination and acquisition of 6 best-in-class software solutions to serve the highly fragmented and underpenetrated state & local government market. The business combination was consummated on February 19, 2019.
After the closing of the business combination, Stephen Rohleder, a GTY Director and the former Accenture COO and Group CEO for Health and Public Service Operating Group, became Chairman and CEO of the new entity. “I am exceptionally honored to be leading GTY and am excited about the growth prospect of our Business Units,” said Rohleder. “We have been focusing on rounding out our leadership team and assembling the key foundational framework for our world-class platform. I would like to thank our Business Units CEOs and Business partners for all their hard work to close these transactions. We have spent a significant amount of time with our CEOs to help facilitate the deal, shifting the timing of our plan out several months. We are now well-positioned to deliver on our growth trajectory.”
Revenue growth was 17% over the prior year period on a GAAP basis. Non-GAAP pro forma as adjusted revenue growth, which assumes the business combination and other related transactions had taken place on January 1, 2018 and excludes the impact of purchase accounting, was 30% over the prior year period. “We continue to see the exceptionally strong expansion of the Public Sector SaaS market,” said Rohleder. “As an example, 76% of Public Sector CIOs favor movement to a SaaS model to modernize their legacy systems. With strong organic revenue growth, we expect our growth rates, in both Revenue and ARR, to accelerate significantly across our Business Units, especially in the 2nd half of the year.”
GTY was formed in November 2016 as a Special Purpose Acquisition Company by William D. Green, Joseph M. Tucci and Harry L. You with the mandate to seek out the most compelling technology solutions in a hyper-growth market. “We are especially grateful to our shareholders whose participation and underlying belief in the company will allow us to execute our thesis of scaling a vertical-SaaS solution for the North American state & local government market,” said the Sponsors. “Having hired a talented team to affect our vision, we wanted to highlight that compensation plans are aligned with shareholders’ interests and driven by management’s ability to execute on our plan provided in our proxy statement. With Joe serving as Lead Director, Bill as a Director, and Harry maintaining his role as President and CFO, as well as a Director, we will all continue to be active in GTY’s operations and offer our full support to the Business Units.”
“We are also pleased to announce that John Albanese and Alpa Fedor will be joining us as EVP of Sales and General Counsel, respectively,” said Rohleder. “John will work with me to grow our sales organization across all platforms, implement the cross-selling initiative, and drive new channel relationships and key alliances. From his time at EMC, he has a history of leading and building a well-trained salesforce and will no doubt be a significant contributor to both short and long-term revenue milestones.”
The company will plan to have an Analyst call after Q2 Earnings which will serve as the first full quarter of GTY operating the Business Units. The company intends to file a registration statement on Form S-1 to register the resale of shares purchased in the previously announced PIPE transaction that occurred in connection with the business combination. In addition, the company intends to file a registration statement on Form S-8 registering restricted stock units issuable to employees under its equity incentive plan.
The following information was filed by Gty Technology Holdings Inc. (GTYH) on Monday, May 13, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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