Vista Equity Partners has agreed to purchase cloud computing government technology business GovDelivery from Actua (Nasdaq: ACTA) for $153 million in a push to expand the private equity firm™s presence in the public sector market.
The companies said Monday they expect the transaction to close in the fourth quarter of 2016 in a deal subject to closing conditions.
Patrick Severson, a board member and principal at Vista Equity Partners, said the private equity firm will gain access to GovDelivery™s digital communications platform that works to help government agencies reach citizens.
GovDelivery has increased its revenue by almost 600 percent since the Washington, D.C.-based company was acquired by Actua in late 2009.
Over 1, 800 government clients have adopted GovDelivery™s digital government communications platform to communicate and reach at least 120 million individuals.
GovDelivery also has unveiled several initiatives to support its digital marketing efforts and comply with the Federal Risk and Authorization Management Program, among other initiatives.
Technology-oriented investment company Vista sold an 80-percent stake in its former Websense business now known as Forcepoint to Raytheon in mid-2015 for close to $2 billion.
Stephens Inc. acted as financial adviser to GovDelivery in the deal.
