Sollensys and Celerit Enter Into a Definitive Agreement to Merge
Sollensys Corp (OTCQB:SOLS) announced a definitive agreement to merge with Celerit, a 37-year-old IT services firm, for approximately $22 million in cash and stock. This merger aims to enhance Sollensys' cybersecurity solutions, specifically in ransomware recovery using blockchain technology, targeting the financial sector. Celerit brings over $11 million in annual gross revenues and a skilled workforce. The deal is expected to strengthen both companies' positions in the market, with Sollensys leveraging Celerit's established client base.
- Sollensys to acquire Celerit for approximately $22 million, enhancing its cybersecurity capabilities.
- Celerit adds over $11 million in annual gross revenues to Sollensys.
- Acquisition strengthens Sollensys' market reach in the banking and financial service sector.
- None.
PALM BAY, FL / ACCESSWIRE / April 5, 2022 / Sollensys Corp (OTCQB:SOLS), one of the first major cybersecurity companies specializing in ransomware recovery built on blockchain technology, announced today that it has entered into a definitive agreement to merge with Celerit, a 37 year-old company engaged in information technology services and products. Their team of over 80 employees, contractors and consultants offers customized solutions to meet the technology needs of the banking and financial service industry clients. This acquisition is a part of Sollensys' mission to create a safe and immutable environment for financial data.
On March 31, 2022, Celerit signed definitive agreements with Sollensys to join the Sollensys group and operate as a wholly owned subsidiary. Management and employees will remain in place.
The purchase price was approximately
The purchase contributes to Celerit's existing annual gross revenues of more than 11 million to the combined companies and additional potential revenues through adding the Sollensys blockchain product to Celerit's existing account base.
"The acquisition of Celerit fits into Sollensys strategy to put an end to cybercrimes. By offering our blockchain product to Celerit's existing account base we will add value to both companies," said Sollensys CEO, Don Beavers. "By purchasing Celerit, Sollensys has now acquired the team, IP and assets for our company to deeply penetrate an important market that is in desperate need of protection from cybercriminals"
Celerit is based in Little Rock, Arkansas, known as the birthplace of fintech. Celerit is nationally recognized by financial institutions and large software vendors as providing expertise in resource management, Outsourcing & Operations, and Managed Network Services to the banking and financial industry, including some of America's top 100 banks.
"I am proud of how far we have been able to grow Celerit, and I cannot wait to see where we grow from here," said Celerit CEO Terry Rothwell. "Being a part of Sollensys allows us to confidentially safeguard our customer's mission-critical data that not only creates insights and efficiencies but competitive advantages such as digital safe deposit boxes for each of them"
About Sollensys
Sollensys understands that cybersecurity is one of the biggest threats to our way of life. Destabilization, financial loss, data leaks, and corporate espionage create ripple effects that can be devastating. We are constantly reimagining technology to create a safer, better world to safeguard infrastructure, prevent disruptions to industry, and protect personal health, wealth, and well-being. Sollensys is based in Palm Bay, Florida and is publicly traded under the symbol SOLS. For more information please visit: https://www.sollensys.com
Cautionary Statement Regarding Forward-Looking Information
Certain information in this press release contains forward-looking statements. All statements other than statements of historical facts included herein are forward-looking statements. In some cases, forward-looking statements can be identified by words such as "believe," "expect," "anticipate," "plan," "potential," "continue" or similar expressions. Such forward-looking statements include risks and uncertainties, and there are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors, risks and uncertainties are discussed in the Company's filings with the Securities and Exchange Commission (the "SEC"). You should carefully consider these factors, risks and uncertainties described in, and other information contained in, the reports we file with or furnish to the SEC before making any investment decision with respect to our securities. Readers should not place any undue reliance on forward-looking statements since they involve known and unknown, uncertainties and other factors which are, in some cases, beyond the Company's control which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects the Company's current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to operations, results of operations, growth strategy and liquidity. The Company is under no obligation (and expressly disclaims any such obligation) to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
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SOURCE: Sollensys Corp.
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