OpenGov's revenue grew 23% (year over year) in the first half of 2022. OpenGov made significant gains with larger governments and agencies with its Budgeting & Planning, Procurement, and Citizen Services Suites, including Rochester, NY, Kansas City, MO, Sonoma County, CA, Florida Department of Corrections, Jersey City Public Schools, and Sacramento Housing and Redevelopment Agency.
On September 1, OpenGov's acquisition of Cartegraph officially closed and the company solidified its over $1 billion dollar valuation – a notable achievement in an environment of ongoing investor uncertainty. OpenGov's momentum underscores the strength of the govtech market with unprecedented federal funding for state and local investments – most recently with the $1.2 trillion Infrastructure Investment and Jobs Act, which provides for the purchasing of software for the administration of core government functions. Federal funding, the move from manual to digital workflows taking place in government agencies across the U.S., and strategic investments put OpenGov on a path of accelerated growth.
"There has never been a better time to modernize our nation's governments, and we have been investing to grow the OpenGov Cloud to ensure that every government leader has the best solutions to serve the critical needs of their communities. We are thrilled to formally welcome Cartegraph and begin to collaborate on how we can jointly serve the strategic, financial, services, and infrastructure asset management needs of our over 1,800 shared customers." said Zac Bookman, CEO of OpenGov
The deal was financed by a funding round from existing investors, including Cox Enterprises. Davis Roberson, AVP of Strategy & Investments for Cox Enterprises, was also elected to the Board of Directors. "Cox Enterprises is excited to deepen our partnership with OpenGov. We see the need for OpenGov's industry-leading, modern cloud software and share its mission to power more effective and accountable local government," said Roberson.
In addition to Mr. Roberson's board appointment, OpenGov made a number of key leadership hires. Notable additions include: Thiago Sá Freire, President of Field Operations, who brings a wealth of leadership experience from Chorus.ai, Huddle, Oracle, and Responsys; and Suresh Seshadri, Chief Financial Officer, who brings over 15 years of Enterprise Software and B2B SaaS Finance leadership experience across Microsoft, VMware, AppDynamics and Freshworks. The company has also recruited key leaders with deep enterprise SaaS experience in Strategic Finance, Field Sales, Operations and Enablement functions.
OpenGov is the leader in modern cloud software for our nation's cities, counties, and state agencies. With a mission to power more effective and accountable government, OpenGov serves more than 1,800 agencies across the U.S. and is built exclusively for the unique budgeting, procurement, asset management, and citizen services needs of the public sector. The OpenGov Cloud makes organizations more collaborative and efficient and enables best-in-class communication with stakeholders and community.
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