Next Coast ETA Invests in ScribSoft
In keeping with our ethos of finding where tech and core business meet, NCETA is excited about its recent investment in ScribSoft.
The COVID-19 pandemic has put to the test government technology with an unprecedented increase in digital requests which has hastened the need for government IT modernization. The last 2 years has highlighted inefficiencies cross industries, nonetheless in government entities, and shifted the need for digital transformation from a “nice to have” to an essential step in delivering services.
The tension between the increased needs for such services, their physical inaccessibility, combined with the extreme pressure on budgets is mandating governments seek partners in the private sector that drive immediate change without significant upfront dollars; and potentially increase much needed revenue through fee-for-service models.
Digital transformation has been knocking on all doors and will continue to push relentlessly into all corners of businesses and processes with government service providers in the crosshairs.
Enter, ScribSoft, digitizing school and government records, automating workflows associated with weapons permitting and document requests, ultimately enabling delivery of digital services to the end customer. Scribsoft operates in such a way where the revenue generated by the end user (citizens) from record request fees ensures the company’s customers (schools, sheriff’s departments, vital records, etc) do not need to obtain budget approval to buy ScribSoft products. ScribSoft is well-equipped to help schools and government entities across the country in ensuring they do not fall behind vis-à-vis increased digitalization demands.
EdTech, as an industry on its own, has been gaining momentum as it adapts to this new normal. There has been an increase in government funding in response to the pandemic. As an example, the CARES Act of March 2020 allocated over $30.7B to the Education Stabilization Fund to help alleviate negative COVID effects; the US Dept of Education announced additional funding under the American Rescue Plan & American Relief Plan Acts in March 2021 of $122.7B.
Leading ScribSoft are Chris Lueck and Ben Knoll. Both Chris and Ben are former searchers and, prior to forming Alamar Partners, worked together at FastSpring (Chris as CEO, Ben as CFO). FastSpring is a cloud-based eCommerce and subscription billing company acquired by Chris Lueck and a partner via the search fund model in 2013. The company was sold in 2019, generating significant return to investors.
We are thrilled to announce our investment in ScribSoft alongside Chris, Ben and several respected search investors and look to help provide valuable domain expertise in this messy world of digital transformation.
