United Capital Source Has Been Acquired By Newtek
United Capital Source was acquired by Newtek, according to an announcement made on Wednesday.
Newtek CEO Barry Sloane said of the transaction, “just last week, we closed our investment in United Capital Source, LLC, a lead generator for commercial financing companies, making it Newtek’s newest wholly owned portfolio company. We believe this investment will prove both synergistic and symbiotic to our overall strategy and enable United Capital Source’s management to expand their footprint by offering our business services solutions to our referral database, new customer referrals, alliance partners and independent commercial enterprises. It remains our goal to continue to seek strategic investments at attractive multiples to support the growth of our business services solutions platform and continue to drive and expand the reach of our business.”
In a statement to deBanked, Jared Weitz said “We are excited to be partnered with such a forward-thinking company. I have no doubt that with this partnership we will be able to service more SMB’s by offering more than just Funding Solutions.”
Newtek trades on the Nasdaq stock exchange under the ticker symbol NEWT.