VendEngine, a cloud-based FinTech provider has acquired software development company Sherrod Computers.
As a part of the acquisition deal, Chris Sherrod, founder of Sherrod Computers has been named chief information officer. The financial terms of the contract have not been disclosed, according to a statement.
The acquisition will allow the FinTech to expand its software development capabilities deeper into the corrections marketplace, while also acquiring a book of additional clients that expands the company’s software development client mix.
“By bringing in the entire Sherrod team, we will continue to fuel the rapid growth of VendEngine and further position our company as the industry leader. This move allows us to quicken the pace of development and further enhance our overall technology innovation curve- pushing more products and software services into an ever-evolving and fast-moving marketplace,” Silas Deane, president, and CEO of VendEngine said.
The FinTech’s core suite of business applications includes financial accounting, trust fund management, inmate commissary, communications, and electronic payment solutions to the corrections industry.
The acquisition marks VendEngine’s second acquisition in 18 months. The company purchased hardware manufacturer, Harpeth Industries in August 2018 and now offers custom-designed kiosks across the United States, the Caribbean, and Central America.