Gty Technology Acquires Ion Wave Technologies To Enhance Best-Of-Breed Eprocurement Offering To Public Sector
Jan 19, 2023•almost 3 years ago
Acquiring Company
GTY Technology
Acquired Company
Ion Wave Technologies
Description
GTY Technology Holdings Inc. (“GTY”), leading provider of cloud-based solutions for the public sector, has acquired Ion Wave Technologies to complement existing GTY eProcurement solutions from Bonfire and DemandStar, cementing its foothold as the fastest growing eProcurement solution provider in North America. Furthermore, this acquisition enables GTY to expand into a new business category – K-12 education administration – with Ion Wave’s SpedTrack solution.
M&A Insights
Based on deal dataIntegration timeline
70% of M&A integrations take 12-24 months to complete
Tech stack consolidation
83% of merged companies consolidate technology vendors within first year
Post-acquisition investment
Companies increase IT spending by 23% on average after acquisitions
Success factor
M&A deals with strong technology integration plans are 2.5x more likely to succeed