GTY Technology Holdings Inc. (Nasdaq: GTYH) (“GTY”), a leading provider of SaaS/Cloud solutions for the public sector, announced today that its business unit, Bonfire Interactive Ltd. (“Bonfire”) has been recognized as an ‘On the Radar’ vendor by leading analyst firm, Ovum.
On the Radar features vendors who bring innovative ideas, products, or business models to their markets. Ovum recognizes Bonfire for understanding and addressing the distinct priorities for public and private sector procurement teams. In the public sector, the majority of the bid and RFP process remains non-digitized, which poses significant risks for organizations.
“These organizations are primarily concerned with compliance, governance, and fit with their unique processes. Several RFP portals enable posting and document aggregation, while very few actually bring the entire process online, offering the ability to manage, post, receive responses, evaluate, and award all in one platform,” said Terry White, Associate Senior Analyst, Ovum. “Bonfire uniquely delivers on these priorities.”
The report also highlights the impact the Bonfire Strategic Sourcing solution demonstrates including an average 20% cost savings, two-times faster procurement process, deep compliance, and accelerated adoption with 93% of users recommending it. Additionally, as part of the GTY portfolio of companies, Bonfire gains access to a wider market with complementary solutions.
“As the report shares, 95 percent of public sector organizations in North America still use on-premise software,” said Stephen Rohleder, President, CEO and Chairman of GTY. “This presents a significant opportunity for Bonfire, as well as the other GTY solutions, to help move organizations to cloud solutions that are more cost and time effective.
About Bonfire Interactive Inc.
Bonfire Interactive Inc. (“Bonfire”) is a business unit of GTY Technology Holdings Inc. and a leader in strategic sourcing and procurement software. Bonfire empowers organizations to find the right vendors and make the right purchasing decisions with ease and confidence. With tools to support the entire vendor lifecycle (sourcing, contract management, and vendor performance), Bonfire goes beyond traditional mechanics of standard procurement suites to make complex decision-making easy. The combination of flexible technology and world-class customer service makes Bonfire the solution of choice for both public and private sector organizations. Bonfire is an award-winning solution recognized by industry-leading outlets including Gartner, GovTech, Spend Matters, Best in SaaS, and the International Business Awards.
About GTY Technology Holdings Inc.
GTY Technology Holdings Inc. (NASDAQ: GTYH) (“GTY”) brings leading government technology companies together to achieve a new standard in citizen engagement and resource management. Through its six business units, GTY offers an intuitive cloud-based suite of solutions for state and local governments spanning functions in procurement, payments, grant management, budgeting, and permitting: Bonfire provides strategic sourcing and procurement software to enable confident and compliant spending decisions; CityBase provides government payment solutions to connect constituents with utilities and government agencies; eCivis offers a grant management system to maximize grant revenues and track performance; Open Counter provides government payment software to guide applicants through complex permitting and licensing procedures; Questica offers budget preparation and management software to deliver on financial and non-financial strategic objectives; Sherpa provides public sector budgeting software and consulting services.
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. The company’s actual results may differ from its expectations, estimates and projections and, consequently, you should not rely on these forward looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the company’s expectations with respect to future performance and anticipated impacts of the business combination. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside of the company’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the ability to recognize the anticipated benefits of GTY’s recent business combination transaction, which may be affected by, among other things, competition, the ability of the company to grow and manage growth profitably and retain its key employees; (2) costs related to the business combination; (3) the outcome of the New York and California lawsuits among the company, OpenGov, Inc. and the other parties thereto; (4) the inability to maintain the listing of the company’s common stock on The Nasdaq Stock Market; (5) changes in applicable laws or regulations; (6) the possibility that the company may be adversely affected by other economic, business, and/or competitive factors; (7) any government shutdown which impacts the ability of the company’s customers to purchase its products and services; and (8) other risks and uncertainties included in the company’s registration statement on Form S-1 (File No. 333-229926), including those under “Risk Factors” therein, and in the company’s other filings with the SEC. We caution you that the foregoing list of factors is not exclusive, and readers should not place undue reliance upon any forward-looking statements, which speak only as of the date made. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based.