California-based eLocity Networks Corp. said Tuesday it has acquired Family Financial Solutions LLC, a Taylorsville financial services company.
ELocity had announced a letter of intent to acquire the company in April.
The acquisition includes the issuance of 15 million eLocity shares to FFS in order to acquire an 80 percent interest in FFS. James Cunningham, FFS's founder, will remain with eLocity. ELocity also said it has committed to raise about $2.6 million to be loaned to FFS to expand its concept throughout the United States.
FFS plans to use the funding to open 10 new customer service offices by yearend and add 90 customer service offices over the next three years. By 2005, the company would have 20,000 agents and $50 million in revenues, Cunningham said.