Ion Wave Technologies is acquired by GTY Technology to enhance Best-of-Breed eProcurement Offering to public sector By CIOTechOutlook Team

Ion Wave Technologies is acquired by GTY Technology to enhance Best-of-Breed eProcurement Offering to public sector

CIOTechOutlook Team | Friday, 20 January 2023, 07:23 IST

In order to supplement its current GTY eProcurement solutions from Bonfire and DemandStar, GTY Technology Holdings Inc., a leading provider of cloud-based solutions for the public sector, has acquired Ion Wave Technologies, solidifying its position as the industry's fastest-growing eProcurement solution provider in North America. Additionally, this acquisition allows GTY to use Ion Wave's SpedTrack product to enter a new market—K–12 educational administration.

Ion Wave, a pioneer in public procurement, provides superior sourcing tools and a supplier network for customers. The system offers robust sourcing capabilities created specifically for government organisations, perceptive and user-friendly data reporting, and an all-around streamlined sourcing procedure for government procurement teams.

Additionally included in the transaction is Ion Wave's SpedTrack product, a crucial piece of software that helps school districts manage their special education initiatives.

The GTY family of products will continue to include Ion Wave and SpedTrack. Specifically created for the public sector, GTY's SaaS solutions offer digital capabilities for back-office procedures including grants, permits, procurement, payments, and budget.

“Ion Wave has exceptional solutions, a knowledgeable team, and they value customer relationships as much as we do,” said TJ Parass, CEO of GTY Technology. “Under GTY, we’re bringing together Ion Wave and Bonfire, two of the best eProcurement companies in North America to create greater value and selection for our customers. This addition both complements and enhances GTY’s platform of products for the public sector.”

Bonfire, an industry-leading piece of strategic sourcing and procurement software, is GTY's current eProcurement solution. Bonfire goes beyond the conventional mechanics of typical procurement suites to simplify difficult decision-making with tools that support the complete vendor lifecycle (sourcing, contract management, and vendor performance). With DemandStar being acquired by Bonfire in December 2022, they now have a network of more than 500,000 providers.

Together, Bonfire and Ion Wave will create one of GTY's largest and fastest-growing buyer-supplier networks in North America, serving 700,000 suppliers and 2,200 agencies.

“Ion Wave and GTY Technology share a combined passion to empower the public sector workforce and bring positive outcomes for communities – this is one of the many reasons we’re so excited to join forces,” said Darren Henderson, CEO of Ion Wave.

Ion Wave Technologies had only one advisor, Software Equity Group (SEG).