MONTREAL, July 15, 2020 /PRNewswire/ - Valsoft Corporation Inc. ("Valsoft"), a Montreal-based company specializing in the acquisition and development of vertical market software businesses, is pleased to announce the acquisition of AllTrust Networks ("AllTrust"), a leader and complete provider of end-to-end check cashing solutions software, based in Herndon, Virginia. AllTrust has been serving the needs of the financial services community since 2008 and is committed to the development of high-quality SaaS software solutions with unequaled features in the industry.
Karl Lewis, CEO of AllTrust, is extremely proud of the company that he helped grow over the years and is excited about its future with Valsoft as a company specializing in the acquisition and growth of vertical market software: "We are proud of what we've accomplished and want to continue in that direction within Valsoft. We have invested significantly in the technology over the last few years and are excited at the prospect of executing on our mission and expanding our reach in the marketplace with Valsoft resources" said Karl Lewis.
Karl will remain on board with the team to ensure a smooth integration into Valsoft's financial services portfolio and will work alongside Michael Lightfoot. The company will continue to provide excellent support and a robust software solution to customers.
"A step in the direction we've been striving towards recently, AllTrust is a natural fit for us as we grow our Financial Services portfolio. The team, culture and leadership are well aligned with our existing values, which has made this transaction seamless. Check Cashing is a vertical we were aware of and had been targeting this year as we looked to expand the service offering our financial services portfolio could offer and we could not have found a better way in than AllTrust. From top to bottom, the dedication of the team to delivering a standout product made this transaction an exciting opportunity for us to pursue. We look forward to growing our presence in the sector through this acquisition" said Sam Youssef, CEO and Co-Founder of Valsoft.
Valsoft acquires and develops vertical market software companies, helping each business to deliver the best mission-critical solutions for customers in their respective industry or niche.
Valsoft was represented internally by Giancarlo Ruscio, Senior Legal Counsel and David Felicissimo, General Counsel. AllTrust was represented by Greenberg Traurig, LLP, and advised by Janney Montgomery Scott.
A key tenet of Valsoft's philosophy is to invest in well-established businesses and foster an entrepreneurial environment that molds a company into a leader in its respective industry. Unlike Private Equity and VC firms, Valsoft does not have a pre-defined investment horizon and looks to buy, hold, and create value through long-term partnerships with existing management.
SOURCE Valsoft Corporation Inc.