M&A advisory for public sector & non-profit software companies
Public sector software M&A has been unusually active. PE platforms run multi-year roll-ups across GovTech, justice, public safety and agency software, and strategic acquirers - the major GovTech consolidators and large vertical software groups - are steady buyers. Deals price on procurement vehicle access, multi-year contract visibility and cross-sell.
Active buyers are GovTech-focused PE platforms running multi-year roll-ups across justice, public safety and agency software, alongside the major GovTech consolidators and large vertical software strategics. Flow has direct access to the GovTech PE platforms and strategic acquirers that drive deal activity in this category.
Flow team has relevant sector experience and has worked with public sector software companies across federal and state agency platforms, GovTech for municipalities and counties, justice and public safety, education and workforce administration, and non-profit and grants management.
"Public sector & non-profit software" KPIs M&A buyers look at
Key metrics strategics and PE buyers look at when analayzing public sector & non-profit software M&A targets
ARR
Contracted backlog
Agency / customer count
Renewal rate
Net retention
Implementation backlog
Procurement vehicle reach
Pipeline coverage
Gross margin
Services share
Public sector & non-profit software valuations in May 2026
Public public sector & non-profit software comps trade at 3.8x EV/Revenue. Median revenue multiple across public sector & non-profit software M&A deals was 10x in the last 12 months.
3.8x
Median EV/Revenue as of May 2026 for public public sector & non-profit software companies
72x
Palantir is the highest valued public public sector & non-profit software company based on EV/Revenue (excluding outliers)
10x
Median EV/Revenue across public sector & non-profit software M&A deals in the last 12 months
10x
Median EV/Revenue across public sector & non-profit software VC rounds in the last 12 months
Key recent public sector & non-profit software M&A deals
$3.0B acquisition of NEOGOV by EQT was the largest public sector & non-profit software M&A transaction completed in the last year.
See all public sector & non-profit software M&A deals| Logo | HQ | Description | Buyer | ||||
|---|---|---|---|---|---|---|---|
Jul-25 | NEOGOV |  | NEOGOV is a Irvine-headquartered SaaS provider of human capital management software for 7,000 public sector agencies, educational institutions, and 5,500 public safety organizations across the United States. Its cloud suite covers recruiting, onboarding, performance management, and compliance tracking with integrations to ADP and UKG. Founded in 1998, NEOGOV processes over 2 million job applications yearly and maintains the largest public sector talent network. | EQT | $3.0B | - | |
Sep-25 | Prepared | | Prepared is an AI-powered platform improving emergency response for public safety answering points across the United States. Headquartered in San Francisco, it offers automated triage for 911 calls, real-time multilingual audio translation in 100 languages, live video feeds, and multimedia sharing. Supervisors use its quality assurance dashboard for instant call evaluations. Prepared integrates with CAD systems like Motorola Solutions, deployed in agencies handling millions of calls yearly since 2020. | Axon Enterprise | $800M | - | |
Oct-25 | IDOX |  | IDOX PLC is a supplier of software and services for the management of Local Government and other organizations. The company provides public sector companies with tools to manage information and knowledge, documents, content, business processes and workflow, and elections management solutions. Its operating segments include Land, Property & Public Protection (LPPP), Assets and Communities. The company generates majority of its revenue from the LPPP segment, which includes delivering specialist information management and data services solutions and services to the public sector and private sectors. Geographically, it derives the maximum revenue from the United Kingdom, followed by the USA, the Rest of Europe and the Rest of the World. | Long Path Partners | $453M | - | |
Nov-25 | Ask Sage | | Ask Sage is a Bentonville-based AI assistant platform for government and corporate teams, powered by GPT models with built-in security. Founded in 2023, it processes queries on policies, compliance, and operations via natural language interfaces integrated with Microsoft 365. Ask Sage supports US federal agencies and Walmart affiliates, ensuring data sovereignty through on-premises deployment options. | BigBear.ai | $250M | 10x | |
Feb-26 | For The Record |  | For the Record supplies digital court recording systems, transcript management, and secure access platforms to courts globally, emphasizing high-quality audio capture and workflow efficiency. | Tyler Technologies | $213M | - | |
Jun-25 | Dallas Data Systems | | Dallas Data Systems is a Richardson-headquartered developer of municipal software solutions. The company provides the Munisoft suite, encompassing financial management systems for budgeting and accounting, permitting and licensing modules for streamlined approvals, code enforcement tools for violation tracking, and utility billing platforms with meter reading and payment processing. Serving local governments across Texas and beyond, Dallas Data Systems integrates these applications to enhance operational efficiency in public sector administration. Their offerings support compliance with state regulations and facilitate real-time reporting for city clerks and finance departments. | Caselle | $8.1M | - | |
Mar-26 | XGC Carbon |  | XGC Carbon is an Ontario-incorporated public software company that builds digital infrastructure for climate markets. | TGI Solar Power Gr | $1.8M | - | |
Apr-26 | Miller Mendel | | Miller Mendel is a developer of software for city, state, and federal public safety agencies. | NEOGOV | - | - | |
Apr-26 | Hyper | | Hyper is an AI voice platform that automates 9-1-1 emergency calls by handling initial triage and dispatching responders. Founded in 2023 and headquartered in San Francisco, California, it uses natural language processing to gather details on location, injury type, and urgency from callers. Deployed in select U.S. public safety answering points, Hyper reduces response times by integrating with CAD systems and NG911 networks. The service supports multilingual interactions in English and Spanish. | Motorola | - | - | |
Apr-26 | 4SSI | 4SSI is an AI-driven platform delivering threat assessments, emergency planning, and guidelines for critical situations. | Maison TergaDo | - | - | ||
Apr-26 | PikMyKid | | PikMyKid is a school safety platform deployed in 32 US states and six countries managing student dismissal, parent notifications, and traffic reduction. Features include panic buttons, anonymous tip lines, and carpool tracking for over 250 schools. PikMyKid enhances after-school processes and community sustainability. | CENTEGIX | - | - | |
Apr-26 | Barbour Logic | | Barbour Logic is a software developer creating tools that handle high-volume customer requests for parking services. Max, its core product, incorporates 800 policy settings and operates 24/7 to assist motorists and councils alike. | Infoshare | - | - | |
Mar-26 | GETECO |  | GETECO develops software solutions for social institutions. | myneva Group | - | - | |
Mar-26 | Instant System |  | Instant System is a Toulouse-based supplier of passenger information systems and ticketing solutions for public transportation authorities. It deploys modular apps for real-time displays, journey planners, and mobile ticketing across buses, trams, and metros. The MaaS platform aggregates services including bike-sharing, carpooling, ride-hailing, and parking from operators like Citymapper and BlaBlaCar. Instant System integrates with existing backends for cities such as Lyon and Strasbourg to unify urban mobility options under public control. | Meanings Capital Partners | - | - | |
Mar-26 | Powerdetails | | Powerdetails offers software solutions that manage extra-duty, overtime, and special events for law enforcement agencies. | NEOGOV | - | - |
Most active buyers of public sector & non-profit software companies
Tyler Technologies, NEOGOV and Infoshare are the most active acquirers of public sector & non-profit software companies in the last three years.
See all public sector & non-profit software acquirers| Logo | HQ | Description | Key acquisitions | ||
|---|---|---|---|---|---|
Tyler Technologies | | Tyler Technologies provides a full suite of software solutions and services that address the needs of cities, counties, schools, courts and other local government entities. The company’s three core products are Munis, which is the core ERP system, Odyssey, which is the court management system, or CMS, and payments. The company also provides a variety of add-on modules and offers outsourced property tax assessment services. | For The RecordCloudGavelMyGov+1 | 4 | |
NEOGOV | | NEOGOV is a Irvine-headquartered SaaS provider of human capital management software for 7,000 public sector agencies, educational institutions, and 5,500 public safety organizations across the United States. Its cloud suite covers recruiting, onboarding, performance management, and compliance tracking with integrations to ADP and UKG. Founded in 1998, NEOGOV processes over 2 million job applications yearly and maintains the largest public sector talent network. | Miller MendelPowerdetailsAgency 360 | 2 | |
Infoshare | | Infoshare is a Wrocław-based provider of enterprise software specializing in data quality management and master data management solutions. The company delivers platforms that ensure data accuracy, governance, and integration for large organizations in finance, retail, and manufacturing sectors. Infoshare's tools support real-time data cleansing, deduplication, and standardization processes, helping clients achieve compliance with regulations like GDPR. Headquartered in Poland with a focus on scalable cloud deployments, Infoshare serves European enterprises through customized implementations and ongoing support services. | Barbour LogicLooking LocalManifest Software Solutions+1 | 2 | |
The Brydon Group | | The Brydon Group is a financial services firm based in Vancouver, Canada, partnering with entrepreneurs to acquire and scale small businesses in manufacturing, distribution, and services sectors. Managing over $200 million in assets, it targets companies with $5-50 million in revenue, providing capital and operational expertise through its network of 20 portfolio firms across North America. | Geographic Technologies GroupBetter ImpactBoost+1 | 2 | |
Axon Enterprise | | Axon Enterprise Inc is building a public safety operating system by integrating a suite of hardware devices and cloud software solutions. The company's suite includes cloud-hosted digital evidence management solutions, TASER energy devices, drones and robotic security, and training solutions. Its operation comprises of two operating segments, Software and Services, and Connected Devices. The company generates the majority of its revenue from the Connected Devices segment, which is engaged in developing, manufacturing, and selling fully integrated hardware solutions such as conducted energy devices sold under the TASER brand, body cameras, fixed and in-car cameras, drone and counter-drone technologies, and a broad ecosystem of accessories, extended warranties and related hardware products. | PreparedFususCarbyne+1 | 2 | |
Motorola | | Motorola Solutions is a leading provider of communications and analytics, primarily serving public safety departments as well as schools, hospitals, and businesses. The bulk of the firm's revenue comes from sales of land mobile radios and radio network infrastructure, but the firm also sells surveillance equipment, dispatch software, and other networking capabilities. Most of Motorola's revenue comes from government agencies, while roughly 25% comes from schools and private businesses. Motorola has customers in over 100 countries and in every state in the United States. | HyperRapidDeployBell Canada (land mobile radio networks services unit)+1 | 2 | |
Fieldware | | Fieldware supplies hosted software modules for community corrections and court agencies supervising criminal justice clients. The platform handles case management, offender tracking, assessments, and reporting compliant with U.S. probation standards. Fieldware serves over 100 agencies in multiple states, enabling electronic monitoring and remote check-ins through web and mobile interfaces. | Orion CommunicationsUptrust | 2 | |
OpenGov | | OpenGov is a Redwood City-based cloud software provider for local governments and state agencies, specializing in budgeting, procurement, and permitting modules. Used by 1,500 municipalities including San Francisco and Phoenix, its Permitting & Licensing app processes 10 million applications yearly. Launched in 2012, OpenGov integrates with ESRI GIS for community development workflows. | IgnatiusiGov ServicesCartegraph | 2 | |
Versaterm | | Versaterm is an Ottawa-headquartered global supplier of public safety software solutions. The company provides integrated platforms for CAD, RMS, evidence management, and forensics used by police, fire, and justice agencies worldwide. Acquired products include JusticeTrax for jails, IAPro for internal affairs, and SPIDR Tech for community engagement. Versaterm serves over 2,500 agencies with cloud-hosted tools enhancing dispatch, reporting, and inmate tracking. | MindbaseIntegrated Computer SystemsAloft+1 | 2 | |
gWorks | | gWorks is a GovTech software provider serving nearly 1,200 small cities and rural counties across the United States, impacting 2 million residents. Based in Cedar Falls, Iowa, the company delivers a suite including financial accounting, GIS mapping, and physical asset management tools. These solutions help local governments maintain budgets, track infrastructure like roads and utilities, and support community retention in small-town America. | BBIFreedom Systemshiperweb | 2 |
Founders and investors we've worked with
We've supported winning builders across public sector & non-profit software and beyond.
MAILINGWORK
We acted as exclusive sell-side advisor to MAILINGWORK, a Chemnitz-based email marketing software platform, on its sale to French digital marketing leader Positive Group.
See more
TestSolutions
We acted as exclusive financial advisor to Swiss PE firm Patrimonium on its majority stake acquisition of TestSolutions, a Frankfurt-based software testing and IT services provider.
See more
Resillion
We provided buy-side advice to a dominant TIC industry player on the carve-out and acquisition of Resillion (fka Eurofins Digital Testing), a Hasselt-based digital testing, cybersecurity and forensics provider.
See more
Digital Asset Management Software Provider
We provided buy-side advice to Byron Capital Partners on its acquisition of a leading European digital asset management (DAM) software platform.
See more
Boryszew
We provided buy-side advice to Boryszew, a Warsaw-listed diversified industrial group across automotive, metals and chemicals, on industrial software market mapping and target screening for its buy-and-build strategy.
See moreRecent M&A advisory track record
See our M&A advisory experience across public sector & non-profit software and beyond.
Explore our M&A advisory offering for similar verticals
We're a specialized M&A advisor to software companies.
Our M&A experience spans across all software verticals.
Explore other sectors
We know tech inside & out.
We provide M&A advisory services to companies operating across the entire tech.
More services
M&A is the ultimate goal, but we play a long game. We're your fractional CFO to help you build financial discipline, and advise you on raising growth capital.
Fractional CFO for public sector & non-profit software companies
We integrate into your workflows to help with financial modelling, build out FP&A tech stack, and ultimately provide guidance towards an M&A or raising venture capital.
Learn moreVC fundraising for public sector & non-profit software companies
We help you prepare materials, reach out to investors in our extensive network, negotiate fair term sheets and structure the VC round.
Learn moreTalk to us
Schedule a call to get a health check on your business and see how we could help.
Fractional CFO
- Fractional CFO for Software
- Fractional CFO for AI & ML
- Fractional CFO for Fintech
- Fractional CFO for Consumer internet
- Fractional CFO for Digital media
- Fractional CFO for E-commerce & marketplaces
- Fractional CFO for Consumer products
- Fractional CFO for Mobility
- Fractional CFO for Digital health
- Fractional CFO for Industrial technology
- Fractional CFO for Digital infrastructure
- Fractional CFO for IT services
Stages
Countries
- UK Fractional CFO
- Ireland Fractional CFO
- France Fractional CFO
- Germany Fractional CFO
- Spain Fractional CFO
- Portugal Fractional CFO
- Italy Fractional CFO
- Netherlands Fractional CFO
- Belgium Fractional CFO
- Switzerland Fractional CFO
- Austria Fractional CFO
- Denmark Fractional CFO
- Sweden Fractional CFO
- Norway Fractional CFO
- Finland Fractional CFO
- Poland Fractional CFO
- Estonia Fractional CFO
- US Fractional CFO
- Canada Fractional CFO
- Mexico Fractional CFO
- Brazil Fractional CFO
- UAE Fractional CFO
- Australia Fractional CFO
Cities
- London Fractional CFO
- Dublin Fractional CFO
- Paris Fractional CFO
- Berlin Fractional CFO
- Madrid Fractional CFO
- Lisbon Fractional CFO
- Milan Fractional CFO
- Amsterdam Fractional CFO
- Brussels Fractional CFO
- Zurich Fractional CFO
- Vienna Fractional CFO
- Copenhagen Fractional CFO
- Stockholm Fractional CFO
- Oslo Fractional CFO
- Helsinki Fractional CFO
- Warsaw Fractional CFO
- Tallinn Fractional CFO
- New York Fractional CFO
- Toronto Fractional CFO
- Mexico City Fractional CFO
- São Paulo Fractional CFO
- Dubai Fractional CFO
- Sydney Fractional CFO