People’s United Bank has acquired VAR Technology Finance, a Mesquite, Texas-based company that offers financing programs to support equipment sales by technology manufacturers, software companies and resellers. The financial terms of the acquisition were not disclosed.
VAR Technology Finance opened in 1990 and has more than 25,000 direct end-user customers in commercial and public sectors, including small businesses, Fortune 1000 corporations, K‐12 schools and universities. Last year, the company produced approximately $180 million in originations.
VAR Technology Finance will maintain its brand and be transitioned into a division of People’s United’s operating subsidiary, LEAF Commercial Capital Inc.
“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,” said Jack Barnes, chairman and CEO of Bridgeport-based People’s United Financial, the bank’s parent company. “VAR will be a valuable addition to our equipment finance portfolio and enhance the client experience.”