Mesquite, Texas (January 17) – People’s United Bank, a subsidiary of People’s United Financial, acquired VAR Technology Finance, a private, independent leasing and finance company that supports equipment sales through its financing programs within the technology channel for small, medium and large technology manufacturers, software companies and resellers.
Headquartered in Mesquite, TX, VAR Technology Finance will become a division of People’s United’s operating subsidiary, LEAF Commercial Capital.
“We are pleased to welcome VAR Technology Finance and their specialized experts to People’s United Bank,” said Jack Barnes, chairman and CEO of People’s United Financial. “VAR’s sole focus and knowledge of the technology sector for nearly 30 years is a critical component of this acquisition, allowing us to further expand our equipment leasing and finance offerings into the technology sector. VAR will be a valuable addition to our equipment finance portfolio and enhance the client experience.”
“With People’s United and LEAF, we will strengthen our infrastructure and access to capital and marketing capabilities, allowing us to accelerate growth and expand resources to better serve our clients,” said Gary Sutton, president and CEO of VAR Technology Finance.
Established in 1990 by President and CEO Gary Sutton, VAR Technology Finance provides financing for commercial and public sector customers of large technology suppliers that sell through the information technology channel, using an industry-focused software platform and private label programs. The company has over 25,000 direct end-user customers in commercial and public sectors, including small, medium and Fortune 1000 companies, in addition to K-12 and universities.
In 2018, VAR produced approximately $180 million in originations and ranked among the top private, independent equipment finance companies nationwide for new business volume. VAR Technology Finance will maintain its existing brand and become a division of LEAF. Since its founding in 2002, LEAF has financed over $6.8 billion for more than 250,000 customers nationwide.
“VAR has been an existing business partner for many years and has a strong brand and reputation in the technology sector,” said Crit DeMent, Chairman and CEO of LEAF. “We have a deep understanding of their business model, a similar culture, and look forward to leveraging the many synergies that exist to better serve clients and strengthen our position as a leading tech-industry lessor.”
About VAR Technology Finance
VAR Technology Finance ranks number one in the US for providing financing, leasing and outsourced captive capabilities within the technology channel, supporting leading technology manufacturers, distributors and resellers. For 30 years VAR Technology Finance has focused on providing financing solutions for technology, software and services, with an emphasis on partnerships within the technology channel to assist in increasing sales, expanding penetration, and improving service.
About People’s United Bank
People’s United Bank, N.A. is a subsidiary of People’s United Financial, Inc. (NASDAQ: PBCT), a diversified financial services company with approximately $47 billion in assets. People’s United Bank, founded in 1842, is a premier, community-based, regional bank offering commercial and retail banking, as well as wealth management services through a network of over 400 retail locations in Connecticut, New York, Massachusetts, Vermont, New Hampshire and Maine.
About LEAF Commercial Capital, Inc.
LEAF Commercial Capital, Inc. is headquartered in Philadelphia, PA, with offices in Moberly, MO, Orange, CA and Baltimore, MD. Trusted by nearly 250,000 companies of all sizes across the U.S., LEAF Commercial Capital, Inc. with the expanded strength of People’s United Bank, offers customized financing that helps customers solve real problems. When businesses need financing or need to offer financing – they achieve more with LEAF.