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 and dynamic 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, as the COVID-19 pandemic highlighted, 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, with the global market already worth £350bn, and Farthest Gate is at the forefront of this revolution.
Solano Partners was the exclusive financial advisor to Farthest Gate on the transaction.