Ascend Capital Group is pleased to announce its most recent transaction in the GovTech space serving as the exclusive financial advisor to Interware Development Company Inc., a leading provider of cloud-based payment solutions for local governments, in its acquisition by Avenu Insights & Analytics, a global leader in revenue enhancement and administration solutions for state and local governments.
Interware was founded in 1995 as a software development company for the burgeoning Internet revolution. The founders of Interware realized early on the power of the Internet to change the nature of how business is done and how it could provide a highly effective platform to deliver innovative solutions to the public marketplace. Interware’s industry-leading payment processing solutions will introduce a new, centralized payment platform for Avenu’s existing clients. Together, Avenu and Interware will provide a premier software and services offering that improves the citizen experience and enhances government capabilities.
“DJ and the Ascend team spent endless hours with our family prior to launching a transaction to understand our collective and individual objectives,” said Sandy Rowe, President & CEO of Interware. “They were knowledgeable and responsive, helping us not just maximize value but find a partner we could feel truly good about taking on our family’s legacy and providing our employees, customers, and products new opportunities to flourish and thrive. The success of this outcome is a direct result of their deep expertise in the GovTech space and, most importantly, in leading us as founders through the very emotional and complex process of selling our business.”
The integration of Interware’s dynamic payment solutions and Avenu’s mature sales and marketing framework enables the consolidation of current third-party payment processing providers. The result is a streamlined level of service that transforms how the government can address the rapid growth in workflow processes that limits staff productivity and resources, ultimately impacting efficiency. Shared resources and an integrated strategy will enable the combined company to provide additional services and greater technical expertise to its client base.
“Governments are seeing an increasing need for an integrated payment solution software offering to streamline their administrative and budget activities and automate workflow processes,” shared Avenu CEO Paul Colangelo. “The combination of Avenu and Interware will provide governments with a centralized solution to maximize their efficiency while shaping a more robust citizen experience.”
DJ Palmer, Managing Director at Ascend, said, “Avenu recognized the value in what Sandy and the team built over the past twenty years, and as a highly respected leader within the space, was best positioned to grow the business and create additional opportunities for Interware’s employees into the future. Furthermore, the synergies between the two companies in terms of vision, purpose, and values were evident from the start. We are excited to see how Interware’s innovative payment solutions supercharge Avenu’s already impressive platform and the positive impact this partnership will have on state and local governments across the country.”
This acquisition was effective January 9, 2023.