VendEngine, a cloud-based FinTech provider focused on the corrections industry, has acquired software development company, Sherrod Computers. The acquisition marks VendEngine’s second acquisition in less than 18 months.
Terms of the cash transaction between the two privately owned companies were not disclosed.
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The acquisition allows VendEngine 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. VendEngine purchased hardware manufacturer, Harpeth Industries in August 2018 and now offers custom-designed kiosks used in more than 300 jails and prisons across the United States, the Caribbean and Central America.
VendEngine’s core suite of business applications include financial accounting, trust fund management, inmate commissary, communications and electronic payment solutions to the corrections industry.
As part of the acquisition, Chris Sherrod, founder of Sherrod Computers, was named chief information officer.
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“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,” said Silas Deane, president and CEO of VendEngine. “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.”
Sherrod Computers, a Murfreesboro-based software development firm founded in 2001, provides a variety of software programming and software for service solutions to a multitude of companies across the corrections, fintech, health care and logistics industries.
