NeoSystems secures $5.1 Million in financing
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Vienna: NeoSystems, a managed service provider delivering accounting, financial, and contract management services to government contractors and not-forprofit organizations, has obtained $5.1 million in financing from Salem Halifax Capital Partners and Access National Bank. The additional working capital will be used to acquire and customize software products, thereby expanding services to current and future clients. With government accounting standards and practices becoming increasingly more stringent and complex, NeoSystems is better able to anticipate and address clients' compliance challenges. Proceeds are expected to be used for a policy and procedures tool which promotes ethical business practices; a contract automation tool that enables clients to develop better contracts with subcontractors; a dashboard product which highlights key financial information; and a document management system which interacts with Deltek products. In addition, NeoSystems is evaluating strategic growth opportunities through the acquisitions of firms serving the not-for-profit sector. Commenting on the transaction, Michael Tinsley, founder, president, and chief executive officer of NeoSystems said, "We began looking for financing shortly before the historic credit crisis gripped the markets last fall. The support from Access National Bank and its partner Salem Halifax Capital Partners will help strengthen our company and help us continue and expand high-quality services to our clients."

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