The California-based company, around for about a decade, said that it recently posted a 125 percent quarter-over-quarter increase in the client base for its latest product, called Live Compensation, which offers what a statement called “real-time compensation data and analysis” for public officials.
The company’s total client base now stands at more than 1,000.
GovInvest sells software that public agencies can use for compensation analysis and comparison, financial forecasting, pension liability calculations and other tasks.
The growth comes amid heightened concern about public agency workforces.
Those worries include not only attracting top talent to replace retiring staff, but hiring experts in such growing areas as cybersecurity and artificial intelligence, even as public-sector salaries remain relatively low compared to those offered by Big Tech and other parts of the private sector.
GovInvest is benefiting from those trends as public agencies increasingly focus on getting better, more up-to-date data on “what the market is paying,” CEO Michael Fryke told Government Technology. “We bring clarity so they know who should get what.”
That’s not to say that the company’s recent growth provides total illumination about how public agencies are dealing with hiring and retention in an often-challenging environment. But the latest numbers from GovInvest do at least offer a glimpse of what’s happening.
As well, most government technology suppliers are privately held — as is GovInvest — and keep their financials guarded, so such quarterly figures are often newsworthy on their own.
In the third quarter of 2024, the company says it won clients and expanded deals in California, Georgia, Ohio, Rhode Island, Iowa, Texas and Washington. California remains the company’s prime market, and its clients there include such cities as San Bernardino, Beverly Hills and San Marcos.
New growth has been particularly strong in the Southwest and Pacific Northwest, Fryke said.
According to Crunchbase, GovInvest has raised at least $17.9 million since 2014.
The company has yet to turn a profit, Fryke said, as it continues to focus on growth.
