Terms of the agreement, which was finalized July 20, were not disclosed.
PennSpring Capital is based in Lancaster. It was founded this year by Lou Castelli and Justin Davis, both of whom have experience with software solutions designed for school districts and municipalities.
Professional Systems Software & Technology, or PSST, provides database integration solutions designed to help school systems, municipalities and businesses increase the efficiency of their human resources, finance and payroll functions.
“For most school districts and municipalities – and even many corporations – the communication links between human resources, finance and payroll databases are negligible or non-existent. PSST brings down the walls between these silos, connecting disparate functions in an incredibly user-friendly fashion,” Lou Castelli, managing partner of PennSpring Capital said in a statement.
PSST was founded in 1990 by Larry and Connie Roach. It has nearly 800 customers in 42 states.
“PSST searched for a partner capable of elevating PSST and our clients to the next level while continuing our vision and mission. We found that partner in PennSpring Capital,” Larry Roach, PSST‘s former president and CEO, said in a statement.
PSST’s new president and CEO is Carl Williams, who was recently promoted from within PSST. He was previously COO. Williams will remain CEO after the acquisition.
“With PennSpring behind us we expect to further strengthen and extend our customer footprint, while also pursuing complementary product offerings that will enhance our bottom line – and that can bolster our already exceptional value to customers,” Williams said in a statement.
William’s transition to CEO has been in motion for the past two years, a spokesman for PennSpring said.
Roach and his wife Connie will still have a vested interest in the company, the spokesman said.
American Fortune Mergers & Acquisitions acted as financial adviser to PSST and Slone & Benton PSC were its legal advisers. Pittsburgh law firm K&L Gates LLP provided legal counsel to PennSpring Capital.