GTY Technology Holdings Inc. (NASDAQ:GTYH) Q3 2019 Earnings Conference Call - Final Transcript

Nov 07, 2019 • 08:30 am ET


GTY Technology Holdings Inc. (NASDAQ:GTYH) Q3 2019 Earnings Conference Call - Final Transcript


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Stephen Rohleder

a summer slowdown in the first half of the quarter, but the team rallied and we ended the quarter with excellent bookings performance and over 70 new customers.

During Q3, we announced a number of key customer wins including the State of Idaho and Sheridan College in Canada. We also entered into a cooperative agreement with the Texas Department of Information Resources, an arrangement that covers 40 states and makes it easier for government entities to procure our technology. These announcements represent a few of the significant transactions we closed in Q3 and we'll be announcing more in the coming weeks.

Turning now to partnerships and alliances. In July, we announced our partnership with Infor to deliver GTY's budgeting and transparency solutions, as well as our grants management solutions from eCivis. We've also added significant agreements with three top consulting firms. However, we're not able to share details at this time due to contractual and competitive reasons. We're already starting to see opportunities this quarter as a result of these relationships and we expect our partners to be significant drivers of our pipeline in 2020.

Before I wrap up my go-to-market comments, I'd like to talk a little bit about our cross-selling efforts. While we see opportunity in this space, it's going to take longer than what we originally expected. Our current activities are focused on what I call cross-referencing, where we leverage our strong customer relationships to influence other customers. A great example of this is our recent efforts at the ICMA Conference in Nashville earlier this month. We brought a number of city managers who are familiar with one of GTY businesses and introduced them to our other GTY businesses. It was tremendously successful and we came away with a significant number of new leads.

Our second area of focus is technology innovation. As a multi-tenant SaaS solution, we always aim to improve our technology offerings across our business units. Each of our business units have their engineering teams working on product road maps to enhance their existing products and develop new ones. There are two particular innovations, I would like to mention today.

The first is Bonfire's Premium Vendor offering, which is designed to support Bonfire's growing database of more than 100,000 vendors. Statistics show that the more vendors that participate in an RFP, the better the outcome. Our ability to more efficiently connect customers and suppliers is hugely valuable in the marketplace and is the centerpiece of this offering.

Another innovation I would like to cover is the new full-service offering from eCivis called Fund Maximization or Fund Max. This is a combination of our grants management technology with our cost allocation technology along with our expertise and professional services. This combination allows us to drive tangible value for our clients and create stronger relationships. We continue to invest in R&D to maintain our technology leadership and you'll see new announcements in the coming months, as we deliver new innovation to our clients.

Finally, I'd like