Ascend Advises Interware in its Acquisition by Avenu

The combined platform highlights the importance of unifying solutions under one umbrella, allowing state and local governments to collect permitting & licensing, utilities, and tax revenue more efficiently.

TYSONS, VA (January 20, 2023) – Ascend Capital Group (“Ascend”) is pleased to announce its most recent transaction in the GovTech space serving as the exclusive financial advisor to Interware Development Company Inc. (“Interware”), a leading provider of cloud-based payment solutions for local governments, in its acquisition by Avenu Insights & Analytics (“Avenu”), 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.

Contact

Douglas Palmer, Jr. (“DJ”)

dpalmer@ascendcg.com | 703.509.2845

DJ and the Ascend team spent endless hours with our family prior to launching a transaction to understand our collective and individual objectives. 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.

About Interware Development Company Inc.
About Interware Development Company Inc.

Interware provides a leading-edge government technology platform designed to help state and local governments increase efficiency, improve engagement with citizens, and simplify the most complex aspects of the payments ecosystem. Interware’s core product is EB2Gov, a payment platform that offers numerous services and solutions, such as vehicle registration, dog licensing, vital record requests, property taxes, and utility billing to citizens. Interware serves 485+ total customers across the Northeast, California, Maryland, Pennsylvania, and Minnesota. For more information, visit interwaredev.com.

About Avenu Insights & Analytics
About Avenu Insights & Analytics

Over 3,000 state and local governments have partnered with Avenu to drive positive results for their communities through software administration and revenue enhancement solutions. Avenu’s comprehensive software solutions digitally transform government by modernizing processes, providing online access to records, and reducing costs. Avenu also provides a robust ecosystem of revenue management services that identify and recover untapped revenue. State and local governments work closely with Avenu to increase revenue without raising taxes, streamline internal operations, and improve services by enhancing connectivity for constituents. Avenu is a portfolio company of Mill Point Capital. For more information, visit avenuinsights.com.

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