Bethel bank security-equipment and services vendor BranchServ is buying its Richmond, Va., rival, authorities say.
BranchServ, a division of Custom Vault Corp., announced Tuesday it’s buying CheckView Banking Security Solutions for an undisclosed sum. The deal is due to close by yearend.
The deal will add 50 employees to BranchServ’s 120-person payroll as well as consolidate the companies’ shared market footprint in Maryland, North and South Carolina, the District of Columbia, and Virginia, BranchServ President and CEO Thomas Brennan said.
Founded in 1999, BranchServ says it serves more than 7,500 bank branches and credit unions nationwide, including three of the 10 largest branch-banking networks in the U.S.
North Sea Partners LLC was Custom Vault M&A and financial adviser, while Imperial Capital LLC was Checkpoint’s adviser.
