Entrepreneurial family office and growth equity firm Greater Sum Ventures (GSV) announced its majority investment in SOMA Global, a major player in the cloud-native public safety software solutions space. And the investment follows on GSV’s recent acquisition of Utility, signaling a new advancement in integrated technology solutions for law enforcement and first responders.
This funding round will provide additional capital to increase SOMA Global’s investment in innovation to empower public safety agencies with state-of-the-art, reliable, and scalable solutions. And the company will continue to be led by CEO Chris Maloney and the leadership team based in Tampa, Florida. The company was previously backed by Weatherford Capital – which will continue as a minority investor. And the terms of the transaction were not disclosed.
Launched in 2017 by a team of public safety and tech veterans, SOMA Global delivers modern, best-of-breed solutions with a primary focus on saving lives and protecting first responders. And the company’s enterprise cloud platform offers modules for critical response, incident management, corrections, and administration to meet the needs of public safety and government agencies.
Sister company Utility was acquired by GSV in November 2023. Launched in 2000, Utility delivers digital systems for public agencies that depend on speed, accuracy, transparency, and easy-to-access data. And the company meets the ever-increasing demands of frontline professionals and the communities they serve through digital evidence management, in-car video, and advanced body cameras.
KEY QUOTES:
“SOMA Global is at the forefront of service to the public safety sector with its market-leading cloud platform designed to modernize the tools that agencies rely on every day. The strategic alliance of SOMA Global and Utility will enhance value to agencies and officials tasked with building safer, more connected communities. We aim to elevate the standards of community safety and operational efficiency through the integration of advanced technology, sophisticated data analytics, and cutting-edge body-worn cameras.”
– Ross Croley, CEO and founder of GSV
“We are at the cusp of a new era in public safety solutions. This transaction, along with GSV’s acquisition of Utility, illustrates our shared commitment to advancing public safety technology. Our combined strengths, resources, and expertise set the stage for unprecedented innovation and service excellence. I look forward to working with this team to redefine what’s possible in serving our communities.”
– Chris Maloney, CEO of SOMA Global
“It’s a pivotal moment for the public safety sector as we partner to accelerate the combined potential of our companies and the subsequent benefit to our clients. The rich integration we can create will provide a unified user experience as well as instant, transparent, and secure intelligence.”
– Michael Nark, president and CEO of Utility
