CityBase, a Chicago startup that provides online payment technology and other digital services to governments, has been acquired for $160 million.
GTY Technology Holdings, a special purpose acquisition company based in Austin, announced Wednesday that it has agreed to buy CityBase for $160 million in cash and stock.
CityBase, founded in 2012, makes a software platform for government agencies that allows residents to search and pay for things like parking violations, property taxes and more online. The startup has raised more than $13 million to date from backers like Method Capital and Jeff Taylor, the former CEO and chairman of Cole Taylor Bank.
GTY, founded by former Accenture and EMC executives, raised more than $550 million in 2016 to identify and acquire promising tech companies. CityBase will operate as a wholly owned business unit of GTY, which will eventually include six companies that all serve the public sector, the company said.
“This company was born and funded in Chicago by Chicagoans, and it’s a great win for this city’s tech community and our employees,” CityBase founder and CEO Michael Duffy said in a statement.
CityBase’s deal is the latest in a string of major Chicago tech acquisitions in 2018. Home Chef was acquired by Kroger in a deal worth up to $700 million, SpringCM was bought by DocuSign for $220 million, Maestro Health was acquired by AXA Group for $155 million, and LearnCore was acquired by Showpad for $50 million.
