KEV Group Inc has acquired Technology Resource Associates Inc (TRA), a Wilmington, North Carolina-based school accounting software provider.
No financial terms were disclosed.
Toronto-based KEV, which operates in the same vertical, said the deal creates a K-12 school cash management and online payments company that serves 16,500 schools in North America and processes more than $3 billion in transactions annually.
KEV was founded in 1996 by Evelyn Eagle and Kim Vivian-Downs. In September, the company secured a minority investment from Serent Capital, a U.S. technology and services private equity firm.
KEV Group Accelerates U.S. Expansion with Acquisition of TRA, Inc.
Combination creates North American leader in K-12 school cash management and online payments
TORONTO – November 21, 2018 – KEV Group (“KEV”, “the company”), the maker of the School Cash Suite of products and the leading provider of cash accounting management and online payments software for K-12 schools, today announced the acquisition of North Carolina-based TRA, Inc. After the acquisition, KEV software will be used in more than 16,500 schools in Canada and the U.S., processing more than $3 billion in transactions annually, making it the largest provider of cash accounting management and online payments software in North America.
TRA’s school board partners will now have access to KEV’s feature-rich online payments software, which provides parents with a convenient way to pay for school activities and makes school administrators more efficient by reducing the amount of time spent handling cash. KEV’s added size and scale will ensure the sophisticated School Cash technology remains the industry leader, while maintaining its high customer satisfaction standards.
“This acquisition is a major milestone for KEV,” said Bram Belzberg, Chairman & CEO of KEV Group. “TRA is a highly respected technology company recognized by their customers for the strength of their school accounting software solution and their dedication to customer service. Together, KEV and TRA become the market leader in helping parents and schools manage online payments and cash.”
“We are thrilled about joining forces with KEV and bringing the benefits of our partnership to our customers and the market,” said Tom Rickman, Founder of Technology Resource Associates. “We’ve always admired the KEV platform, and look forward to bringing even more value to our clients as a result of this partnership.”
KEV’s School Cash Suite is a web-based platform designed to meet the unique financial needs of K-12 schools and eliminate the challenges of dealing with cash in schools. Now, TRA’s SchoolFunds Online will join the School Cash Suite as being the only solution available that fully integrates online payments, fee management, school-level accounting, and digital forms into one easy to use solution for administrators, parents and students. The system was developed by school officials to simplify accounting and cash management tasks, while providing the transparency, accountability, internal controls and reporting capabilities that district business officials require.
About KEV Group
KEV Group provides industry-leading online payment, accounting and activity tracking solutions to more than 16,500 schools across North America. For more than 30 years, KEV Group’s School Cash Suite and SchoolFunds Online products have helped schools and school boards ensure the security and transparency of student activity funds. KEV Group has been recognized by Deloitte’s Technology Fast 500 as one of North America’s fastest growing technology companies. Visit us at kevgroup.com, trasoft.net and schoolcashonline.com.
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