Montreal investment firm buys Herndon software company
Valsoft Corp. to acquire AllTrust Networks
Montreal-based software company investor Valsoft Corp. announced Thursday it will acquire Herndon-based AllTrust Networks, which provides check cashing software.
A transaction amount was not disclosed.
“We are proud of what we’ve accomplished and want to continue in that direction within Valsoft,” AllTrust CEO Karl Lewis said in a statement. “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.”
Lewis will remain with the company and work with Michael Lightfoot on the company’s operations team. 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 step in the direction we’ve been striving towards recently, AllTrust is a natural fit for us as we grow our Financial Services portfolio,” Valsoft CEO Sam Youssef said in a statement. “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.”
Founded in 1999, AllTrust has more than 9 million customers and has processed more than $55 billion worth of checks.