Government software provider Clariti Cloud secures $24.6 million CAD from Vistara Growth
Summary
Vistara echoed this point, adding that the need picked up during the COVID-19 pandemic and has persisted ever since.The growth financing, which closed in Q1 2024, will help expand Claritis go-to-market teams, build relationships with system integrators, and support an increased number of implementations.We have been able to see first-hand the benefits that Clariti can provide customers through the modernization of legacy systems, Vistara Growth principal Neil Kenley said in a statement. Clariti drives significant improvements in speed and ease of use for both government employees and the citizens who use their platform all while reducing the overall cost of ownership for the provider.Clariti provides state, provincial, and local governments in the United States and Canada with a low-code platform, digitizing the traditionally paper-based issuance, enforcement, and management of permits and licences. Vistara says it typically provides growth capital to enterprise SaaS companies to help them finance organic growth, mergers and acquisitions, or shareholder liquidity initiatives.Vistara intends to use Fund V to back 18 to 24 companies across North America over roughly two and a half years, with cheque sizes ranging from $10 million to $30 million. The firm also participated in Brim Financials $85-million Series C round earlier this month.Clariti has a sticky customer base with additional capacity for growth as its solution is mission critical for governments, Vistara said in an email statement to BetaKit.According to Intellectual Market Insights, the global GovTech market size is projected to reach $160.63 billion USD by 2031, and Canada is home to several players in this space. Over the fall, another government-focused software firm, HS GovTech Solutions, was taken private by Banneker Partners in a deal valued at $33.3 million.
Funding
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