On April 29, 2022, GTY Technology Holdings Inc. (NASDAQ: GTYH) announced it had entered into a definitive agreement to be acquired by GI Partners. Under the terms, GTY shareholders were to receive $7.98 (US$6.30) in cash per share, representing a 123% premium over the closing share price on April 28, 2022, and a 57% premium over the 90-day volume-weighted average closing share price. The transaction valued GTY at approximately $569.6 million (US$448 million).

Upon completion, GTY was to become a privately held company, allowing it to increase investments in sales, marketing, and technology innovation to accelerate growth. GTY's Board of Directors unanimously approved the transaction, recommending that shareholders vote in favor at a special meeting to be scheduled following the filing of a definitive proxy statement with the SEC.

GI Partners, a leading private investment firm, highlighted its confidence in GTY’s product quality and innovation. GI’s Managing Directors, Travis Pearson and Sendil Rajendran, expressed enthusiasm about supporting GTY’s growth and continuing to deliver value to its customers.

The transaction was expected to close in the third quarter of 2022, subject to regulatory approvals and customary closing conditions. GTY's legal advisor for the transaction was Davis Graham & Stubbs with McCarthy Tetrault as Canadian counsel , while GI Partners was advised by Ropes & Gray LLP.