The armored car company Dunbar Armored Inc. is moving into banking technology with the purchase of Magistry Ltd., a Canadian software provider.
Dunbar, a Hunt Valley, Md., company, announced the purchase Tuesday but gave no price. It has made two other deals this year, both for rival armored car companies, in Massachusetts and South Carolina, but said that this was its first move into the financial software market.
Magistry, a Toronto vendor, sells cash management processing technology that businesses can use to simplify their reconciliation and to track the status of deposits. It has worked for some years with Dunbar.
Magistry's president, Adam Smith, has joined Dunbar as senior software developer.
Kevin R. Dunbar, the armored car company's vice chairman and president, said in a press release that the deal is "all about developing fully integrated solutions to provide our customers with enhanced cash management efficiency and control."
