Though the amount of the investment was not disclosed, a blog post attributed to Serent Partner Stewart Lynn said the new capital will fuel the software supplier’s geographic expansion and further adoption of its cloud-based product.
The new investment also marks the latest activity by private equity firms in the government technology market — a trend that stems from the relative stability of the industry.
BS&A launched in 1987, is based near Lansing, Mich., and has more than 2,000 customers. The company offers software for such tasks as financial management, assessments and taxes, payroll, utility billing and community development. Customers run from small cities to large municipalities with more than 100,000 residents.
Serent said the company has a customer retention rate of almost 100 percent.
“When we founded BS&A over 35 years ago, our vision was to build a best-in-class, innovative solution for local government while providing world-class support to our customers,” said BS&A Co-Founder Tom Szur in that blog post. “Today and in the future, we remain committed to the vision that our customers view BS&A as a true partner."
This is the private equity firm’s sixth gov tech investment.
Serent also has invested in such companies as First Due, which sells fire department and EMS software; Pondera Solutions, whose technology combats fraud; and Quorum, which focuses on legislative tracking and advocacy.
