Utah-based Govineer Solutions, which sells finance, utility, permitting and other software to local governments, has gained new private equity investment.
TA Associates has made what a statement calls a “growth investment” in Govineer.
Details remain unreleased but the deal also marks the exit of private equity firm Peterson Partners from its stake in Govineer. The company’s management and other workers will keep their ownership stakes, according to the statement.
As for existing and potential public agency clients, Govineer said the new investment will help pay for the company’s ongoing transformation “into an AI-powered operating system for local government entities, enabling more intelligent, automated and predictive management of core government functions.”
Clients use tech from Govineer for a variety of tasks that include accounting, utility billing, online payments and workforce management.
The company serves more than 2,300 local governments in 43 states.
The new investment comes as Govineer expands via its recent acquisition of utility billing company TrueBill Solutions.
In 2024, Govineer made its debut, the result of the combination of three companies active in accounting, tax and utility software. Utah-based Peterson Partners was the main backer of that move.
The new investment and involvement of TA Associates “marks an important milestone in our growth journey,” said Nate Quinn, co-CEO of Govineer, in the statement. “With TA’s support, we plan to accelerate investment in product development, expand our platform, pursue strategic M&A and advance our AI capabilities to deliver more predictive, actionable insights for our customers.”