Rubicon Technology Partners, a software-focused private equity company based in Colorado, has invested an unspecified amount into the company. While every deal is different, private equity involvement in a technology company often means the company is looking to grow quickly and sell to new owners within a span of several years — often acquiring and merging with other companies along the way.
"Assessors and collectors deserve highly flexible, best-in-class products, constant innovation and top-tier service to ensure they can deliver the property tax revenue that underpins key services in every municipality," said Paul Smith, CEO of Vision, in a press release. "Rubicon provides us a fantastic opportunity to increase our investments and achieve our goal of leading the property tax industry for the next decade and beyond.”
Having been founded in 1975, Vision is among the eldest gov tech companies. It makes computer-aided mass appraisal (CAMA) and property tax software to help manage the property assessment process.
The company works with more than 430 local governments and has a strong presence in the Northeastern states.
Private equity has been a major driver of activity in gov tech in recent years. Vista Equity Partners, for example, was responsible for the merger of Granicus and GovDelivery, while Serent Capital’s investment in Pondera preceded that company’s sale to Thompson Reuters.
The Rubicon-Vision deal was completed with Shea & Co. advising Vision. Shea & Co. has been active in the gov tech space in recent years, serving as a mergers and acquisitions adviser on deals including the formation of CentralSquare, Motorola Solutions’ acquisition of Callyo and one of OpenGov’s fundraising rounds.
