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posted: 4/7/2021 2:35 PM

Convergint buys bank vault company

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SCHAUMBURG -- Convergint Technologies Wednesday said it has entered into a definitive agreement to acquire Custom Vault Corp., which includes BranchServ and CustomVault. The combination brings together two well known security service providers in the financial industry.

Terms of the transaction were not disclosed. The sale is expected to close on May 3

Founded in 1984, CustomVault designs and installs complex, high-security modular vaults for several industries, including government and military, health care, banking and finance and more. In 1999, the company expanded its servicing capabilities to the financial industry and launched BranchServ, a leading security and automation equipment and service provider for financial institutions nationwide.

"Today's announcement marks an exciting new chapter for both companies, our customers in the financial industry, and the future growth of Convergint," said Ken Lochiatto, CEO of Schaumburg-based Convergint Technologies.

Convergint is a $1.4 billion global systems integrator that designs, installs and maintains electronic security, cybersecurity, fire alarm and life safety systems.