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Like a small ship being rocked by large waves, LeRoux Pitts & Associates hit another big one last month. This time, the jolt was particularly strong: The POS software company got a new parent and lost the name it had held for 15 years.
With a swiftness that stunned its employees, Clearwater, Fla.-based LPA was sold by New York-based NYNEX Computer Services. It was the second time the company had been sold in nearly four years.
LPA, which has recently struggled to market its' point-of-sale software to financial institutions and retailers, was purchased Aug. 23 by Dallas-based BancTec Inc., a leading manufacturer of paper-based processing systems for checks and other financial documents. Its name immediately was changed to BancTec Payment Systems and more than a dozen of LPA's employees were fired in a cost-cutting move.
Among those who lost their positions was L. Michael Lastowki, the LPA president installed by NYNEX last November after founder L. Wayne LeRoux retired. BancTec installed Michael Flaherty, who previously headed BancTec's software operation, as general manager of the former LPA operation.