OpenGov makes gains with larger governments and school districts, completes Cartegraph deal, and bolsters leadership team with notable new hires
SAN JOSE, CA., September 27, 2022 /PRNewswire/ — OpenGovthe leader in modern cloud software for local governments, state agencies, schools and U.S. special districts, saw strong growth in the first half of 2022. The company also acquired the operations and management leader of Cartegraph assets, raised additional capital to fuel business growth and R&D investments and key executive hires.
OpenGov revenue grew 23% (year-over-year) in the first half of 2022. OpenGov made significant gains with larger governments and agencies through its budgeting and planning suites, of supply and services to citizens, including Rochester, NY, Kansas City, Missouri, Sonoma County, CaliforniaFlorida Department of Corrections, City of Jersey Public Schools and Sacramento Housing and Redevelopment Agency.
On September 1st, Acquisition of Cartegraph by OpenGov officially closed and the business solidified its most $1 billion valuation – a remarkable achievement in an environment of continued investor uncertainty. OpenGov’s momentum underscores the strength of the govtech market with unprecedented federal funding for state and local investments – most recently with the $1.2 trillion Infrastructure Investment and Jobs Act, which provides for the purchase of software for the administration of basic government functions. Federal funding, the shift from manual to digital workflows in government agencies across the United States, and strategic investments are setting OpenGov on a path to accelerated growth.
“There has never been a better time to modernize our nation’s governments, and we have invested in building the OpenGov Cloud to ensure that every government leader has the best solutions to meet the critical needs of their communities. We We are delighted to officially welcome Cartegraph and begin collaborating on how we can jointly meet the strategic, financial, service and infrastructure asset management needs of our more than 1,800 joint customers.” said Zac BookmanOpenGov CEO
The deal was funded through a funding round from existing investors, including Cox Enterprises. David Roberson, AVP of Strategy and Investments for Cox Enterprises, was also elected to the board. “Cox Enterprises is delighted to deepen its partnership with OpenGov. We see the need for OpenGov’s modern cloud software and share its mission to make local government more efficient and accountable,” Roberson said.
In addition to Mr. Roberson’s appointment to the board, OpenGov has recruited a number of key executives. Notable additions include: Thiago Sá Freire, President of Field Operations, who brings a wealth of leadership experience from Chorus.ai, Huddle, Oracle and Responsys; and Suresh Seshadri, CFO, who brings over 15 years of SaaS B2B finance and enterprise software experience at Microsoft, VMware, AppDynamics and Freshworks. The company has also recruited key leaders with deep enterprise SaaS experience in strategic finance, field sales, operations and enablement functions.
OpenGov is the leader in modern cloud software for cities, counties, and state agencies across our nation. With a mission to make government more efficient and accountable, OpenGov serves more than 1,800 agencies across the United States and is designed exclusively for the unique needs of the public sector in budgeting, procurement, asset management and services to citizens. The OpenGov Cloud makes organizations more collaborative and efficient and enables top-notch communication with stakeholders and the community.