May 29, 2020
(BOSTON, MA, May 29, 2020) – GTY Technology Holdings Inc. (Nasdaq: GTYH) (“GTY”), a leading provider of SaaS/Cloud solutions for the public sector, announced today that its budgeting unit, Sherpa Government Solutions (“Sherpa”) has been selected by the State of New Mexico to implement its Budgeting Formulation and Management (“BFM”) software solution.
The State and Sherpa will collaborate to implement an enterprise budgeting solution featuring flexible budget entry forms, financial and HR system integration, real-time reporting with full auditability, and accurate personnel cost forecasting. The State will use BFM to formulate their $18.4 billion total appropriation budget in a comprehensive, integrated budget process for 150 agencies covering the executive, judicial and legislative branches.
Sherpa BFM is a cloud-based software offering that provides budgeting and transparency solutions for state and local governments. Sherpa BFM has comprehensive out-of-the-box features that are highly configurable to meet the unique needs of the public sector. In addition, Sherpa BFM provides tools and services that include business process consulting, software implementation, reporting, publishing and ERP integration. For more information about Sherpa, visit https://www.gtytechnology.com/solutions/sherpa.
About GTY Technology Holdings Inc.
GTY Technology Holdings Inc. (NASDAQ: GTYH) (“GTY”) brings leading public sector technology companies together to achieve a new standard in stakeholder engagement and resource management. Through its six business units, GTY offers an intuitive cloud-based suite of solutions for state and local governments, education institutions, and healthcare organizations 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; OpenCounter 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. 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) our ability to consummate any proposed transaction with respect to our previously announced review of strategic alternatives; (2) the lack of actionable alternatives that have been identified in connection with the strategic alternative review; (3) risks relating to the substantial costs and diversion of personnel’s attention and resources due to the strategic alternative review; (4) our failure to generate sufficient cash flow from our business to make payments on our debt; (5) our ability to raise or borrow funds on acceptable terms; (6) changes in applicable laws or regulations; (7) the possibility that the company may be adversely affected by other economic, business, and/or competitive factors; (8) the impact of the coronavirus outbreak, or similar global health concerns, on our operations and customer base, particular budgetary constraints on our municipal customers due to substantial emergency expenses; and (9) other risks and uncertainties included in the company’s Annual Report on Form 10-K for the year ended December 31, 2019 and subsequent filings made 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.