LANCASTER, Penn. and LOUISVILLE, Ky. (July 26, 2018) — PSST, LLC, a regional integration and software solutions provider to K-12 school districts, municipalities and commercial businesses, announced Thursday it has been acquired by PennSpring Capital, a private equity firm based in Lancaster, Penn.
According to PSST founder Larry Roach, the company will continue to operate independently doing business as PSST, LLC.
“PSST is poised to experience exponential growth in the K-12 and human capital management marketplaces,” Roach said. “The investment support of PennSpring Capital will allow PSST to expand into a greater national market position more quickly, efficiently and effectively.”
Founded in 1990 and based in Louisville, Ky., PSST has more than 300 K-12 customers across 24 states, and with its municipal and corporate offerings, it has nearly 800 customers in 42 states.
“We are thrilled to partner with the PSST team to help them accelerate investments that will help fuel further innovation and enhance their product offerings,” said Lou Castelli, managing partner of PennSpring Capital. “For most school districts and municipalities — and even many corporations — true integration between human resources, finance, and payroll databases is negligible or non-existent. PSST brings down the walls between these silos, connecting disparate functions in an incredibly user-friendly fashion … saving real dollars for its customers — and ultimately taxpayers — in the process.”
With the acquisition, PSST Chief Operations Officer Carl L. Williams Sr. will become CEO and president. A former human resources administrator at Kentucky’s largest school district, Jefferson County Public Schools, Williams has served as PSST’s COO since 2014. He will assume his new role effective immediately.
“PSST will continue to focus on helping K-12 districts and businesses save time, money and resources through automated processes made possible with software and data integration in the areas of finance, HR, payroll and benefits management,” Williams said.
“And, as we grow, we are committed to providing the same level of care and service to our clients they have come to expect from PSST. In other words, we will still be in Kentucky, answering calls on the first ring with a live voice. Clients will still have direct access to their dedicated account manager, and we will work with clients on any issue until it is completely resolved.”
Additionally, he stressed the company’s commitment remains strong to supporting its current portfolio of integration and software solutions for human resources, finance, payroll and benefits, as well as ACA-Track, its Affordable Care Act compliance solution for employers. Williams also noted PSST’s current strategic and integration partnerships with re-sellers and national software providers will remain the same.