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People's United Bank has acquired private independent leasing company VAR Technology Finance.

VAR will now become a division for People’s United’s operating subsidiary LEAF Commercial Capital.

VAR Technology Finance supports equipment sales through its financing programs within the technology channel for small, medium and large technology manufacturers, software companies and resellers. It is headquartered in Mesquite, Texas.

Jack Barnes, chairman and CEO of People's United Financial, said: “We are pleased to welcome VAR Technology Finance and their specialized experts to People's United Bank.

“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. VAR will be a valuable addition to our equipment finance portfolio and enhance the client experience."

VAR Technology Finance has more than 25,000 direct end-user customers in commercial and public sectors, including small, medium and Fortune 1000 companies, in addition to schools and universities.

In 2018, VAR produced approximately $180 million in originations, and ranked among the top private, independent equipment finance companies nationwide for new business volume.

VAR Technology Finance will maintain its existing brand and become a division of LEAF.

Since its founding in 2002, LEAF has financed over $6.8 billion for more than 250,000 customers nationwide.

Gary Sutton, president and CEO of VAR Technology Finance, who set up the company in 1990, said: “With People's United and LEAF, we will strengthen our infrastructure and access to capital and marketing capabilities, allowing us to accelerate growth and expand resources to better serve our clients.”

Crit DeMent, chairman and chief executive officer of LEAF, said: “VAR has been an existing business partner for many years and has a strong brand and reputation in the technology sector.

“We have a deep understanding of their business model, a similar culture, and look forward to leveraging the many synergies that exist to better serve clients and strengthen our position as a leading tech-industry lessor."