There was solid diversity this quarter across deal types and sizes, including several notable new “platform” investments by private equity such as TA Associates’ investment in Brycer and JMI’s investment in SimpliGov. Strategic M&A was also active, with consistent acquirers like Motorola, OpenGov, gWorks and several others announcing their latest acquisitions. Public safety continued its recent trend of massive growth capital raises, highlighted by the largest deal of the quarter — Peregrine’s $190 million Series C investment led by Sequoia Capital.
We also saw an above-average number of transaction processes kick off in Q1, which will translate to continued growth in deal announcements in Q2 (there is typically a lag between when a deal is completed versus when it is publicly announced). While the growth in activity is encouraging, what stands out even more is the level of interest and competition in these processes. Highly engaged and motivated buyers are accelerating timelines and pushing valuations higher than in prior years. Accordingly, Q1 saw a continued uptick in valuation multiples that are continuing to trend to similar levels as the record multiples in 2021. As we saw in 2021, competitive processes, strong valuations and motivated buyers set in motion continued growth in activity, and it very much feels like those same dynamics are falling into place in 2025.
Another trend that shaped the quarter was the topic of the Department of Government Efficiency, which came up in virtually every conversation as buyers tried to gauge the impact on the gov tech market — a topic we will cover in-depth in a coming column. We also believe the value proposition of technology will compound as gov tech businesses continue to embrace AI, which is acting as a force multiplier for efficiency gains.
The volume metrics above and transactions below are for deals announced between Jan. 1 and March 31, 2025.
THE BIG DEAL(S)
Why It Matters: Private equity continues to be a driving force in the gov tech market. Brycer, a leading provider of compliance software for inspections, testing and maintenance, received a strategic growth investment from TA Associates. Founded in 2011, Brycer equips more than 1,000 Authorities Having Jurisdiction, including fire departments, water municipalities and state building regulators, with cloud-based tools that streamline code enforcement for fire protection systems, backflows, elevators and other critical infrastructure. The deal marks Brycer’s first institutional capital raise and will support the company’s expansion into new markets, product innovation and strategic M&A. TA’s investment reflects continued momentum in the public safety and regulatory compliance software market, where jurisdictions increasingly seek digital tools to replace manual inspection and reporting processes.
Peregrine Raises $190M Series C Led by Sequoia Capital
Why It Matters: Peregrine Technologies, a leading data intelligence platform for public safety and government agencies, raised a $190 million Series C round at a $2.5 billion valuation led by Sequoia Capital. Peregrine enables state and local governments to unify and activate siloed data for real-time decision-making across law enforcement, emergency response, fraud detection and health services. The company has grown rapidly since its founding in 2018, tripling revenue each of the last three years, and now supports agencies serving over 80 million Americans. The capital will be used to scale engineering and implementation teams, expand commercial and international reach and accelerate product development. Recent high-profile deployments including coordinating multi-agency operations at Super Bowl LIX in New Orleans underscore Peregrine’s growing role in modernizing public safety infrastructure.
OTHER NOTABLE DEALS
SimpliGov Receives Strategic Growth Investment from JMI Equity
Why It Matters: Another major private equity platform deal was JMI Equity’s strategic growth investment in SimpliGov, a workflow automation platform for state and local government organizations. SimpliGov offers innovative solutions centered around licensing and permitting, legal operations workflow and digital form creation. JMI's investment will be used to support SimpliGov's platform development initiatives as well as other technical support and sales and marketing related efforts. In recent years, nationwide macro trends have solidified the importance of improving citizen engagement and enhancing operational efficiencies across public administration. SimpliGov's collaboration with JMI is a key milestone toward further modernizing and streamlining critical processes for government agencies.
Motorola Solutions Acquires RapidDeploy and Theatro Labs; to Acquire InVisit
Why It Matters: M&A continues to serve as the primary means of expansion for large incumbent public safety vendors, with the ongoing goal of building end-to-end platforms addressing the full spectrum of customer needs. In turn, Motorola Solutions continued to be extremely active in Q1, completing three add-on acquisitions. First, Motorola Solutions acquired RapidDeploy, a cloud-native next-gen 911 solution that accelerates emergency response and enhances decision-making. RapidDeploy’s platform helps public safety users gain access to real-time data, including a caller’s location, floor plans and communications such as text messaging and video streams, which can be shared directly with first responders. Next, Motorola Solutions completed its acquisition of Theatro Labs, an AI and voice-powered communication and digital workflow platform for frontline users. Theatro Labs’ platform features collaboration applications that deliver information to frontline users in real-time to boost productivity and enhance safety. Last, Motorola Solutions announced its acquisition of InVisit, a cloud-based visitor management platform that helps users manage visitors across various sectors, including commercial offices, multi-tenant buildings, education and health care. The acquisition will expand Motorola Solutions’ security suite to better manage potential threats and incidents. We are looking for Motorola Solutions to keep their foot on the gas pedal and remain aggressive pursuing add-on acquisitions.
Euna Solutions Acquires AmpliFund
Why It Matters: The public sector is experiencing growing demand for modern grant management solutions as organizations strive to enhance transparency and compliance. Euna Solutions, a provider of purpose-built software solutions for the public sector, has acquired AmpliFund, a grant management platform used by government agencies and nonprofit organizations across North America. This strategic acquisition bolsters Euna Solutions' comprehensive product suite by adding AmpliFund's specialized grant management capabilities, which include application management, compliance tracking and financial review. By adding AmpliFund into its offerings, Euna Solutions will provide its public-sector users with a unified platform to streamline grant processes, ensure regulatory adherence and optimize funding outcomes. Since being taken private by GI Partners in 2022, Euna Solutions has completed two add-ons, the other being an acquisition of EqualLevel, a provider of procurement marketplaces.
gWorks Acquires BBI
Why It Matters: gWorks, a Nebraska-based leader in solutions tailored for small- and medium-sized government organizations, acquired BBI, a software solutions provider for municipalities and water agencies in Mississippi and Louisiana. gWorks has been an active acquirer, and this marks the company’s fifth acquisition since its 2022 investment from BV Investment Partners. Less than a year ago, gWorks acquired Freedom Systems, a Pennsylvania-based public-sector software provider. BBI’s platform includes software solutions for accounting, billing, property taxes, court fines and permitting serving more than 300 clients. The acquisition helps gWorks establish a greater presence in the southeastern U.S. and adds to its growing base of more than 2,500 clients.
BS&A Software Acquires Boyce Systems
Why It Matters: Within the broader public administration sector, ERP platforms continue to present a substantial consolidation opportunity to add scale and expand geographic footprints. Following a significant growth investment from Serent Capital in 2023, BS&A, a cloud-based ERP provider for cities and municipalities, has acquired Boyce Systems, a financial management provider for schools, governments, utilities and libraries. With this acquisition, BS&A strengthens its presence in the Midwest, providing Boyce's customers with a cloud-native ERP platform that streamlines workflows and operational efficiencies. Core products like Boyce Cloud Schools and the Employee Hub will continue to serve as key offerings, providing adequate financial ERP tools to schools. BS&A now ranks among the largest municipal ERP vendors nationwide, serving more than 2,900 municipalities and 3,500 total customers.
OpenGov Acquires Ignatius
Why It Matters: Integrating artificial intelligence into the product suite is a major focus of OpenGov's go-forward product strategy, capitalizing both on broader market tailwinds supporting AI adoption as well as leveraging the existing asset and budget management, procurement, and permitting and licensing ecosystems to amplify AI reach and functionality. In turn, OpenGov, a leading cloud-based government management provider for public-sector organizations, has acquired Ignatius, a low-code enterprise application that automates and streamlines operational workflows. Ignatius' platform has AI-based capabilities that help state and local governments manage grants, disaster recovery plans and other initiatives, enabling OpenGov to drive efficiency and further modernize local and state government operations. OpenGov, which received a majority investment from Cox Enterprises in 2024, has made its 10th acquisition with Ignatius and continues to be aggressive on accelerating product investments.
Tyler Technologies Acquires MyGov
Why It Matters: Licensing and permitting and zoning and code enforcement software remain among the most active sectors within government technology as the majority of market share is held by legacy vendors facing challenges in transitioning to the cloud. Tyler Technologies, a full-suite, comprehensive public administration solutions provider, has acquired MyGov, an Oklahoma-based company providing web and mobile-based community development software focused on permitting, code enforcement and inspections. MyGov's community development and asset management solutions will strengthen Tyler's public administration offerings and help better serve small and mid-sized population users. Additionally, MyGov municipalities will be able to leverage Tyler's broader set of solutions, including ERP systems. This acquisition positions Tyler to be highly competitive in a high-growth, increasingly digitized gov tech market.
OPEXUS Merges With Casepoint and Receives Majority Investment From Thoma Bravo
Why It Matters: OPEXUS, a provider of process management software for public institutions, has merged with Casepoint, a leader in AI-driven data discovery for litigation, investigations and compliance. Backed by a majority investment from Thoma Bravo, the combined company will deliver a broader suite of cloud-native tools for both federal and state and local agencies. Casepoint’s advanced data discovery capabilities — including military-grade security and end-to-end workflow coverage — will complement OPEXUS’ Freedom of Information Act, audit and workforce management offerings. The merger enables customers to centralize key functions across case management, eDiscovery and data compliance on a unified platform while benefiting from Thoma Bravo’s deep software operating experience. The new company will focus on scaling its footprint across government and regulated industries while accelerating innovation across its combined product suite.
Zencity Acquires Commonplace
Why It Matters: As demand grows for more transparent, inclusive and data-driven community engagement products, government agencies are seeking comprehensive solutions that combine technology, accessibility and real-time insight. Zencity, a leading community engagement platform serving more than 400 government customers, has acquired Commonplace, a United Kingdom-based engagement software provider known for its expertise in zoning, planning and location-based engagement. Commonplace’s platform has powered more than 3,500 civic projects across the U.K., including for the city of London. Its map-based features and subscriber management tools will be integrated into Zencity’s broader platform. The acquisition also marks a significant expansion of Zencity’s U.K. presence with a new London office, positioning the company to better serve both local and central government customers across Europe. The combined platform enhances Zencity’s global footprint and strengthens its position as the standard for modern, AI-enabled community engagement.
CivicPlus Acquires Beehive
Why It Matters: Local governments are increasingly seeking streamlined, all-in-one platforms to improve infrastructure management and enhance resident service delivery. CivicPlus, a leading provider of public-sector software-as-a-service solutions, has acquired the asset management and utility billing products of Beehive Industries, a Nebraska-based provider of public works software. Beehive’s highly modular platform empowers governments to streamline infrastructure management, from maintenance scheduling to data modeling, while its utility billing solution offers real-time account management and user-friendly payment tools to improve operational efficiency. The acquisition enhances CivicPlus’ Civic Impact Platform, creating a more comprehensive technology stack for local governments to better manage community assets and deliver connected services. With more than half of Beehive’s customers already using CivicPlus, the deal offers immediate integration benefits and deeper cross-departmental efficiency.
Oddball Receives Strategic Growth Investment From Falfurrias Management Partners
Why It Matters: As government agencies ramp up efforts to modernize digital services and improve citizen experiences, demand for human-centered, scalable platforms continues to grow. Oddball, a McLean, Va.-based digital services firm focused on transforming how federal agencies interact with constituents, has received a growth investment from Falfurrias Management Partners. Founded in 2016, Oddball brings deep expertise in DevSecOps, digital engineering and user-centric design — with a strong track record supporting the Department of Veterans Affairs and Centers for Medicare and Medicaid Services, including its work on va.gov and medicare.gov. Falfurrias, a Charlotte-based private equity firm, will support Oddball’s continued growth alongside its existing management team. The deal also builds on Falfurrias’ growing federal IT portfolio, including its 2023 acquisition of Synergy ECP.
CentralSquare Acquires Blueline AI
Why It Matters: Artificial intelligence is rapidly reshaping how public safety agencies operate and manage information. CentralSquare Technologies is accelerating its push into the AI space with the acquisition of Blueline AI, a Texas-based startup founded in 2023. Blueline offers an AI-powered suite designed to modernize policing workflows, including tools for transcribing interviews and body-worn camera footage, drafting police reports and routing search warrants. The acquisition marks a foundational step in CentralSquare’s vision to build a unified AI platform embedded across its software suite, which spans 911 call handling, records management and computer-aided dispatch. Blueline’s employees will join the CentralSquare team, and its technology will be natively integrated into the company’s existing products. With more than 8,000 government customers, CentralSquare is positioning itself to lead the shift toward paperless, AI-driven public safety workflows.
