GTY Technology Holdings, Inc. (NASDAQ: GTYH) is a leader in cloud-based software solutions for the public sector. Shares of the cloud technology company are skyrocketing 117% through early trading on Friday, April 29, 2022. Over the past three months, GTY Technology has seen average daily volume of 134,030 shares. However, volume of 9.71 million shares or dollar volume of around $59.72 million, has already exchanged hands through early trading.
Shares of GTY Technology are surging after the company announced that it has entered into a definitive agreement to be acquired by GI Partners, a private investment firm. Under the terms of the agreement, GI Partners will pay GTY Technology shareholders $6.30 per share in cash, which represents a 123% premium compared to its closing price yesterday. If closed, GTY Technology would become a private company. The transaction is estimated to close during the third quarter 2022, subject to customary closing conditions.
GI Partners aims to support GTY Technology to continue their strong momentum and market share in cloud computing technologies for the public sector. The investment firm plans to invest in GTY’s sales, marketing and technology to help accelerate growth.
“GI Partners has an excellent track record of supporting and adding value to leading software companies, and we are delighted to bring on a partner of GI Partners’ caliber,” said TJ Parass, CEO of GTY. “This transaction will provide immediate and substantial value to GTY shareholders. The Company will have greater flexibility to focus on executing our strategy, and we are excited to begin our long-term partnership with GI Partners.”
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