Indianapolis-based private investment firm The September Group has acquired two local technology companies, which have merged into one firm, the businesses announced Tuesday.
The merged companies, Word Systems Inc. and iRecord LLC, will operate as Word Systems LLC and retain all management and employees, officials said. The combined companies have 40 employees.
Financial terms of the deal, which closed Feb. 6, were not disclosed.
Gary Hentschel, CEO of The September Group, is joining Word Systems as chief executive. Jim Halsmer, president of Word Systems since 2014, will maintain his title at the merged company.
Word Systems, founded in 1977 by Rich and Sandy Barretto, provides audio, video, and data-capture services. The company is based at 9045 River Road.
iRecord is a computer-storage device company founded in 2004 by Rick Barretto, the son of Rich and Sandy Barretto.
The September Group said it plans to provide expertise and capital investment in technology, sales and marketing resources to assist the merged company in growing revenue, employment and earnings.
Hentschel, the former president of Personnel Management Inc. and the Indiana district of KeyBank, founded The September Group last year with local businessmen Dick Dilling and Bob Millard. It plans to invest in Midwest-based middle market companies with annual sales of $5 million to $50 million.
It’s first investment was in Indiana-based staffing firm ULG Cos., which Hentschel led as CEO for nearly five years before it was acquired last year by NSC Technologies.