Sollensys Enters into Merger Agreement to Acquire Celerit

 Sollensys, one of the first major cybersecurity companies built on blockchain technology, has entered into a merger agreement for the acquisition of Celerit Corporation and Celerit Solutions Corporation (together, "Celerit"), an IT services business with a world class customer success department serving the financial sector since 1985. The merger, and certain associated real estate purchases from Celerit affiliates, are expected to further Sollensys' mission to create a safe and immutable environment, in conjunction with Celerit, for the future of banking. The merger and related real estate purchases are expected to close within the next 60 days.

"The proposed Celerit acquisition fits into Sollensys' strategy to end cybercrimes by making it impossible for cybercriminals to hold hostage or corrupt a single usable piece of data in the banking industry," said Sollensys CEO, Don Beavers. "At closing, Sollensys will acquire the Celerit team, as well as industry expertise, IP, and assets. We believe this will provide banking institutions with critical protection, so that their customers can confidentially and safely expand into the future."

Celerit is headquartered in Little Rock, Arkansas. Celerit has built and maintained IT services for financial institutions ranging from $50 million to $50+ billion across the nation over the last 30 years.

"Our goal has always been to safeguard our banking clients' mission critical digital information," said Celerit CEO, Terry Rothwell. "We believe that the proposed transaction will allow us to give our clients the assurance they will always have an immutable or uncorrupted copy of their mission critical data. Banking is in the crosshairs of cyber hackers and Don Beavers has reimagined blockchain technology to safeguard all digital assets and transactions. Banking doesn't need this in the future, they needed it yesterday."

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 $22,000,000 paid in stock and cash. 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