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Bonfire Announces Technology Innovation to Enable Data-Driven Decision-making in a New World of Public Procurement

May 26, 2020

A screenshot of the new Bonfire client portal interface, to announce Bonfire's new Spring 2020 product launch

Sourcing software company introduces strategic benchmarking and collaboration tools to elevate the impact of public procurement teams

(KITCHENER, ONTARIO, May 26, 2020) – Bonfire Interactive Ltd. (“Bonfire”), a subsidiary of GTY Technology Holdings Inc. and a leader in strategic sourcing and procurement software, announced today the launch of new features and functionality designed to enable more impactful and data-driven buying recommendations for public procurement teams.

“The truth is, it has never been more important, nor more challenging, for procurement professionals to do their job,” said Corry Flatt, CEO of Bonfire. “They’re under a lot of pressure to deliver instant results for any competitive event, and the challenges of COVID-19 have heightened that pressure. These past few months have brought a new-found spotlight on procurement and its role not just as an administrator of buying processes, but as a strategic advisor to their agency. Bonfire has evolved to help procurement professionals step into this role of strategic partner with confidence.”

The most notable feature update, Bonfire Benchmarking, provides procurement professionals with access to bid and Request-for-Proposal (RFP) recommendations and templates surfaced from Bonfire’s library of 40,000+ competitive events. Powered by machine learning, Bonfire’s new Benchmarking feature provides procurement teams with national and local benchmarks on typical project timelines, evaluation criteria and weighting, vendor participation and more.

“Procurement professionals are expected to be an expert in everything, from construction to IT to professional services,” said Flatt. “The aim of our benchmarking feature is to eliminate hours of Google searches for templates, enabling procurement to walk into any planning meeting armed with the data they need to provide strategic guidance to their peers.”

Other product features introduced include new tools that enable procurement to bring their price-driven bids to market faster, and Bonfire Intake, which makes it easy for stakeholders to bring their requests to procurement and for procurement to plan, triage, and manage the workflow more efficiently.

“As many procurement teams have had to adjust to remote work recently, it’s clear that bringing procurement online is no longer a ‘nice to have,’” said Flatt. “Our mission with this product innovation is to help procurement go beyond simply digitizing their processes, but to truly unlock procurement’s potential to make a greater impact in their organization.” 

For more information on Bonfire’s newest features for public procurement teams, visit our website

About Bonfire Interactive Inc.

Bonfire Interactive Inc. (“Bonfire”) is a business unit of GTY Technology Holdings Inc. and a leader in strategic sourcing and procurement software. Bonfire empowers organizations to find the right vendors and make the right purchasing decisions with ease and confidence.  With tools to support the entire vendor lifecycle (sourcing, contract management, and vendor performance), Bonfire goes beyond traditional mechanics of standard procurement suites to make complex decision-making easy. The combination of flexible technology and world-class customer service makes Bonfire the solution of choice for both public and private sector organizations.  Bonfire is an award-winning solution recognized by industry-leading outlets including Gartner, GovTech, Spend Matters, Best in SaaS,, and the International Business Awards. 

 

About GTY Technology Holdings Inc.

GTY Technology Holdings Inc. (NASDAQ: GTYH) (“GTY”)) brings leading government technology companies together to achieve a new standard in citizen engagement and resource management. Through its six business units, GTY offers an intuitive cloud-based suite of solutions for state and local governments spanning functions in procurement, payments, grant management, budgeting, and permitting: Bonfire provides strategic sourcing and procurement software to enable confident and compliant spend; CityBase provides government payment solutions to connect constituents with utilities and government agencies; eCivis offers a grant management system to maximize grant revenues and track performance; Open Counter provides government payment software to guide applicants through complex permitting and licensing procedures; Questica offers budget preparation and management software to deliver on financial and non-financial strategic objectives; Sherpa provides public sector budgeting software and consulting services. 

 

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. The combined company’s actual results may differ from GTY’s and the combined company’s expectations, estimates and projections and, consequently, you should not rely on these forward looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the combined company’s expectations with respect to future performance and anticipated impacts of the business combination. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside of the combined company’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the risk that the business combination disrupts current plans and operations; (2) the ability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably and retain its key employees; (3) costs related to the business combination; (4) the outcome of the New York and California lawsuits among the Company, OpenGov, Inc. and the other parties thereto, as well as any other legal proceedings that may be instituted against the combined company in connection with the business combination; (5) the inability to maintain the listing of the combined company’s common stock on The Nasdaq Stock Market; (6) changes in applicable laws or regulations; (7) the possibility that GTY may be adversely affected by other economic, business, and/or competitive factors; (8) any government shutdown which impacted the ability of customers to purchase GTY’s products and services; and (9) other risks and uncertainties included in the final proxy statement/prospectus filed with the Securities and Exchange Commission (the “SEC”) on January 31, 2019 , including those under “Risk Factors” therein, and in GTY’s other filings with the SEC. We caution you that the foregoing list of factors is not exclusive, and readers should not place undue reliance upon any forward-looking statements, which speak only as of the date made. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based.

 

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Contact

 

Shabbir Lasani

[email protected]