LONDON, Sept. 13, 2023 /PRNewswire/ -- Solano Partners, a next-generation boutique investment bank that works exclusively with innovative technology businesses, announces the sale of Farthest Gate, a leading software platform for public sector services, to private-equity-backed StarTraq, a leading compliance software business focussed on the police and local authority market.
The deal will provide a larger platform and significant investment for Farthest Gate to capitalise on its 'Government-as-a-Platform' strategy and continue to digitise public sector processes with its cloud-based regulatory services software.
Farthest Gate is unique in the UK GovTech market, as the only provider delivering true end-to-end automation and digital solutions for public facing government services. The company has the most comprehensive platform on the market and will revolutionize the way citizens and businesses interact with government departments.
With the public sector undergoing significant disruptions in recent years, there is an urgent need for more efficient, accessible online services. By 2025, the UK GovTech sector is forecast to be worth an estimated £20bn by 2025, the global market already worth £350bn, with Farthest Gate at the forefront of this revolution.
Solano Partners was the exclusive financial advisor to Farthest Gate on the transaction.
Peter Spanos, CEO of Farthest Gate, commented:
"Farthest Gate was committed to finding a strategic partner who could grow our product range and client base, whilst helping us diversify into new markets. The deal was delivered by Solano Partners, who advised us on the transaction and introduced StarTraq as one of our potential suitors."
Jon Edirmanasinghe, Founder of Solano Partners, commented:
"We are delighted to have advised Farthest Gate on its sale to StarTraq. Public services lag non-government sectors in the pace of digital change, and Farthest Gate's success, and eventual deal, is representative of a powerful move to propel government services into the digital age. We are seeing strong appetite for credible software businesses, including the GovTech space, given its high levels of digital transformation."
The Solano Partners team was led by Jon Edirmanasinghe and Steph Frayne, with support from Jin Hyung Cho.
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About Solano Partners
Solano Partners is an independent investment bank that works exclusively with businesses at the forefront of technological innovation, helping them navigate pivotal moments in their journeys. Visit: https://www.solanopartners.com/.
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