|By Business Wire||
|September 17, 2013 11:28 AM EDT||
Clearsight Advisors, Inc. (“Clearsight”) is pleased to announce the completion of another highly successful transaction in the public sector software space. Clearsight served as the exclusive strategic and financial advisor to AMCAD on its majority equity recapitalization by Riverside Partners, a growth-oriented private equity firm. AMCAD is a leading enterprise software company dedicated to providing software solutions and services to the public sector including state, county and local governments. The transaction underscores Clearsight’s leading position as the advisor of choice for software companies serving public sector clients.
Based in Herndon, Virginia, AMCAD provides software solutions to the broader government system including courts, jails, prosecutors, probation, parole, county clerks, recorders offices, and other government offices. AMCAD has over 25 years of history of operating within the state and local government markets. Today the Company’s current offerings include its integrated justice platform, a platform for government records and document management, and various data access technologies. AMCAD has established itself as a leading software provider through its innovative, high functionality offerings, and has a large and growing base of existing government customers throughout the United States.
“Clearsight’s knowledge of the State and Local Technology market and their access to the right potential investors was a key differentiator in our selection of Clearsight. The Clearsight Team’s dedication to our transaction and their advice was instrumental to successfully completing this deal with the right partner and on the right terms,” said Visagar Shyamsundar, CEO of AMCAD.
“We were thrilled to work with Visagar and his team to help execute this critically important transaction for AMCAD,” stated Joel Kallett, Managing Director at Clearsight Advisors. “In addition,” Greg Treger, Managing Director at Clearsight Advisors added, “this transaction marks another successful deal in the growth of our market leading Public Sector Technology practice.”
The state and local IT market, which is estimated to be a $60 billion dollar opportunity, consists of all 50 states, approximately 3,000 counties, 36,000 cities and towns, 13,900 school districts and 35,000 local agencies. The majority of state and local organizations continue to use outdated, custom built legacy systems across the board – in addition to not being able to meet today’s functional needs and being expensive to maintain, the majority of these systems are no longer supported by competitive, viable, or functioning vendors. Faced with declining budgets and growing citizen demand to modernize, government agencies are increasingly pursuing commercial off-the shelf (COTS) software products in order to simplify processes, improve workflow, reduce redundancies and ensure efficient and consistent operations.
About Clearsight Advisors
Clearsight Advisors is an independent merchant banking firm dedicated to providing world-class M&A and capital raising solutions exclusively to growth-oriented Business and Technology services companies. Clearsight combines deep market insights across software, services and data. This market knowledge combined with superior strategic and financial advice allows Clearsight to act as a catalyst, enabling entrepreneurs, private equity owners and board of directors to successfully advance their vision. Clearsight Capital Advisors, Inc., a wholly owned subsidiary, is a registered member of FINRA & SIPC.