HandsOn3 acquires BancTec
26 February 2014 | 1266 views | 0
HandsOn3 ("HandsOn"), a global buyout manager based in Santa Monica, CA, announced today that one of its affiliated funds has entered into a definitive agreement to acquire BancTec, Inc., a leading Business Process Outsourcing (BPO) company, headquartered in Dallas, TX.
The price was not disclosed. HandsOn will combine BancTec with its existing portfolio business, Dataforce Group, to create one of the largest pure-play BPO businesses addressing the transaction processing, workflow and document management markets.
The combined company will have trailing annual revenues in excess of $280 million, serving a blue chip client base spanning over 50 countries, with a global team of more than 4,000 employees across 30 office and operating centers.
The BancTec acquisition is consistent with HandsOn's strategy of acquiring leading global BPO companies and transforming them into platform-enabled service providers that leverage globally-positioned resources to deliver superior value to current and prospective clients.
"This acquisition allows us to leverage our expertise and accomplishments by combining the strengths of Dataforce Group with BancTec to address the needs of our valued customers within our expanded marketplace," said Jim Reynolds, a partner at HandsOn.
Coley Clark, Chairman and CEO of BancTec, said, "We are very excited about this transaction and look forward to our partnership with HandsOn. The combined companies will create a diversified multi-industry services provider, leveraging shared strengths to capture new business and improve customer service and operational efficiency."
The current BancTec leadership and management team will remain in place and play a key role in the growth of the combined company.
Subject to the satisfaction of customary closing conditions, including the approval of BancTec stockholders, the transaction is expected to close in April.