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GTY Technology Holdings Announces Strong Fourth Quarter
and Full Year 2019 Results;
Reaffirms Guidance for Full Year 2020
(Austin, Texas, March 12, 2020) – GTY Technology Holdings Inc. (Nasdaq: GTYH) (“GTY”), a leading vertical SaaS/Cloud solution for the public sector, announced strong financial results for the quarter and year ended December 31, 2019 and reaffirmed guidance for the full year 2020.
Fourth Quarter 2019 and Full-Year Revenue
|·||Fourth quarter GAAP revenues up 31% year-over-year to $11.5 million|
|·||Fourth quarter non-GAAP revenues up 37% year-over-year to $12.0 million|
|·||Full year 2019 GAAP revenues up 22% year-over-year to $36.4 million|
|·||Full year 2019 non-GAAP revenues up 36% year-over-year to $40.5 million|
“2019 proved to be a strong growth year for GTY,” said Stephen Rohleder, Chairman and CEO. “We closed on six acquisitions in February of 2019 to form our Company, brought together an essential lineup of offerings to digitize the public sector and experienced great momentum in the back half of the year. The year was marked by significant wins in the marketplace, expansion of our partner ecosystem, the delivery of new product innovations and market recognition for the value our solutions bring. Today, more than 1,500 organizations are GTY customers and we expect to accelerate topline growth this year.
“GTY aims to be the pre-eminent native SaaS/Cloud software company serving the public sector. Our mission is to help our customers improve citizen engagement while reducing cost and enhancing efficiency,” continued Rohleder. “We uniquely bring a portfolio of solutions that solve key customer pain points in the areas of budgeting, procurement, grants management, payments and permitting.”
“We’re executing on our strategic
plan,” stated Rohleder. “The four drivers to our plan are customer success, Go-to-Market excellence, continuous innovation
and enhanced operational efficiency.”
|·||Customer Success: Added 62 new customers in the fourth quarter with larger average deal sizes compared with prior quarters, reflective of our focus to expand our enterprise activity across our business units.|
o New customers in the quarter include the City of San Jose for our digital payments platform by CityBase; Osage Nation, US Virgin Islands and California Housing and Community Development for our grants management platform by eCivis.
|·||Go-to-Market Excellence: We go-to-market through a direct sales force and an ecosystem of partners. Our accomplishments during the quarter include:|
o Entering into a new relationship with Carahsoft, a trusted government IT solutions provider, which will help GTY to expand its market reach.
o Increasing sales and marketing headcount by 22, giving us the sales capacity we believe is necessary to achieve our 2020 objectives.
o Entering into a new marketing agreement with Grant Thornton, giving us incremental delivery and go-to-market capacity in our grants management and budgeting businesses.
The following information was filed by Gty Technology Holdings Inc. (GTYH) on Thursday, March 12, 2020 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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