HERNDON, VIRGINIA – Avenu changed its name from Government Revenue Solutions (GRS) to better reflect how the company enables cities, towns, and counties across the U.S. to enhance their fiscal posture. Avenu is a portfolio company owned by Mill Point Capital.
Operating as Avenu Insights & Analytics (Avenu), the company identifies and recovers general fund revenue on behalf of cities and counties. Their limited resources prevent these local governments from collecting all the funds they’re owed for permits, license fees and taxes for sales and use, property, utility and franchise and hotel and short-term rentals.
These customers also use Avenu’s administrative expertise to expedite payment via an automated system, and achieve better audit results because Avenu pinpoints improper or underreported revenue. In 2016 Avenu’s legacy companies discovered and delivered $1.3 billion to local governments.
According to Craig Adler, executive chairman of Avenu, “local governments operate in an environment with aging infrastructure, a new tax law that will decrease their revenue, underfunded pensions and other everyday obligations. They need every dollar of revenue to continue providing citizen services.”
CEO Paul Colangelo says the new brand signifies innovation that is critical for local governments.
Avenu’s technology evaluates large data sets, shows trends and clusters of opportunity to collect more revenue, and then provides the platform for businesses to pay and stay compliant. It’s a level of standardization and sophistication expected by the 89,000 local governments across the U.S. and their constituents.”
The other leaders of GRS — Doug Jensen, Kennon Walthall and Patrick Scott — will continue in their roles and are a key part of Avenu’s strategy. One of Avenu’s legacy companies, MuniServices, will continue to retain its legal structure.
About Mill Point Capital
Mill Point Capital is a middle-market private equity firm focused on control-oriented investments in the business services and industrial sectors. The firm works with executive partners to leverage its investment professionals’ experience while providing strategic and operational guidance designed to drive long-term value creation in its portfolio companies. Mill Point is based in New York, NY.