Hart InterCivic Buys Out VC Backers

Hart InterCivic, an Austin, Texas-based provider of election management and voting systems, announced that its senior management team has agreed to buy out the company’s venture capital and private investors. No financial terms were disclosed for the deal, which is expected to close within the next 10 days.

Hart InterCivic has raised around $45 million since 2000, from firms like Stratford Equity Partners, Texas Growth Fund, CapStreet Group, RES Partners and Triton Ventures.

PRESS RELEASE

Hart InterCivic, a leading national provider of election management and voting systems, today announced that the Board of Directors, representing venture capital and private investors, has agreed to sell the company to the company’s senior management team. The Hart InterCivic name and brand will remain in place and no discernable operational impacts are expected.Hart InterCivic is one of the nation’s foremost providers of electronic and paper-based voting systems, contracting with hundreds of jurisdictions across the United States including two of the five largest counties. The company is being acquired by a team of senior officers within the company.

“We are pleased the current investors were receptive to our offer and were in agreement that a management-owned company will be well equipped to build upon Hart’s 100-year legacy of providing trusted and reliable solutions to state and local governments,” said Gregg Burt, who continues as president and CEO of Hart InterCivic. “Most importantly, we remain committed to our customers and helping them conduct secure, accurate and reliable elections this November and in the years ahead,” Burt added.

The company’s staffing levels and day-to-day operations will not change as a result of the transaction and the senior management team remains in place.

“I am delighted the company is transitioning to a fully independent ownership team comprised of Hart employees who have a passion and dedication to the heritage of our business and our customers’ success,” said David Hart, founder of Hart InterCivic, who continues as an advisor to the company. “Our valued customers and employees are in good hands. Gregg and his team have my full support and trust.”

The acquisition is expected to close within 10 days. Financial terms were not disclosed.

About Hart InterCivic
Hart InterCivic is a leading national provider of election management and geo-content solutions for state and local governments. Hundreds of jurisdictions use the Hart Voting System to conduct secure, accurate and reliable elections whether in-person or by-mail. Millions of votes are cast each year using Hart’s eSlate® and eScan™ polling place voting systems and Ballot Now™ central scanning / by-mail solution. The company also provides ballot production and printing services. Hart InterCivic is a privately held corporation based in Austin, Texas. For more information, please visit www.hartintercivic.com.