A group of former executives of Muncie-based Ontario Systems has made a deal to acquire a financial software and forms provider in Daleville. Financial terms of the deal for Boyce Systems are not being disclosed, though it is expected to close by the end of the month.
The investment group is led by Jason Harrington, Casey Stanley and Jay Moorman, who will become chief executive officer, president, and chief customer officer, respectively. Retired Ontario Systems co-founder Ron Fauquher has also joined the Boyce Board of Directors.
Boyce provides information and document management systems to help companies digitally manage accounting, financial, and record keeping functions. The company counts more than 1,200 government entities, school systems, and libraries in the state of Indiana as clients.
The company says the acquisition will help accelerate its growth.
“There are many reasons to be excited about the opportunity before us at Boyce,” Harrington said in a news release. “They are in large stable markets with significant white space and organic growth upside, have a proven product line with outstanding brands and market positions, and a talented team with deep domain expertise and a high customer service culture.”
Once the deal closes, current Boyce President and CEO Mike Galliher will step down from his roles, but continue to serve on the company’s board.