ST. LOUIS (January 4, 2021) – Thompson Street Capital Partners (TSCP), a private equity firm based in St. Louis, announced today that it has partnered with management to acquire Deerfield Beach, Florida-based SmartProcure Inc (and it’s market-facing GovSpend www.govspend.com). Founded in 2011, the Company is a leading provider of government intelligence solutions to thousands of government vendors and agencies. Terms of the transaction were not disclosed.
GovSpend’s web-based platform provides its clients with easy access to unparalleled depth and breadth of purchase order data, bids and RFPs, contracts and contacts – nearly one billion records in all – from approximately 30,000 local, state and federal government agencies. For government agencies, GovSpend’s rich database enables critical procurement functions such as vendor sourcing, price benchmarking and co-procurement. For government vendors, GovSpend’s subscription-based solutions enable competitive intelligence, sales planning, RFP response and agency outreach.
“We are pleased and excited to have TSCP as a partner to help catalyze further growth in the business, both organically and via M&A. This transaction is an important milestone for govtech companies as further evidence of the space maturing in just the past decade. We are thrilled to continue to help our government procurement customers deliver on their mission while removing friction for government vendors to sell their goods and services.” — Jeff Rubenstein, Founder and CEO of GovSpend,
Bob Dunn, Managing Partner, TSCP, said, “TSCP believes in the criticality of data to enhance and optimize operations. GovSpend’s data is unmatched, and we look forward to supporting the Company as it continues to develop new and valuable solutions for its clients.”
Of the acquisition, Dan Cooper, Vice President, TSCP, stated, “The team at GovSpend has built a unique and powerful dataset for government agencies and their vendors – a market representing more than $1 trillion in spend.” Mr. Cooper added, “We are thrilled to partner with Jeff Rubenstein and the rest of the GovSpend team to help continue the Company’s remarkable growth trajectory.”