OpenGov settles with GTY Technologies for $5.8M
REDWOOD CITY, Calif., March 11, 2020 /PRNewswire/ — OpenGov announced today that it has reached a settlement agreement with GTY Technologies, resolving the complaint filed against GTY for allegedly stealing and misusing OpenGov’s proprietary information.
As part of the agreement, OpenGov received $5.8 million from GTY, with each party responsible for its own legal fees. GTY previously disclosed certain portions of the agreement in its public filing.
«The Keker, Van Nest & Peters legal team, led by John Keker, Jeff Chanin and Nick Goldberg, managed the litigation on behalf of OpenGov,» said OpenGov’s General Counsel Sean Wani. «We thank them for their professionalism and thoroughness, and we look forward to pursuing our mission to power more effective and accountable government in the years ahead.»
Building on its vision to continue leading the local government cloud software market, and given the current market volatility, OpenGov plans to use the proceeds of the settlement to buttress its financial reserves and invest in R&D for its rapidly expanding application suites.
OpenGov raised a $51M Series D investment in July 2019 and serves more than 1,000 customers in 49 states.
OpenGov is the leader in providing our nation’s state agencies and local governments with modern cloud financial software to help power more effective and accountable government. Built exclusively for the unique budgeting, financial, and economic development needs of the public sector, OpenGov solutions help our more than 1,000 customers plan effectively, increase efficiency, and improve engagement through better collaboration and transparency.
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