Mellon Financial is to acquire Texas-based finance outsourcing vendor SourceNet Solutions for an undisclosed sum.
Privately-held Sourcenet specialises in accounts payable (AP) outsourcing. Its customer base includes organisations specializing in transportation, manufacturing, retailing and wireless services.
Martin McGuinn, Mellon chairman and chief executive officer described the acquistion as "a significant step" in the bank's efforts to win more institutional custom.
Robert Stasik, an executive vice president in Mellon's treasury services business sector, elaborates: "For Mellon, it provides an entry into the finance and accounting business process outsourcing market and supports our goal of offering clients a more complete working capital management solution."
Vince Burkett, co-founder and current president and chief executive officer of SourceNet will continue to head the 250-strong organisation, reporting directly to Stasik.
He says of the deal: "By joining Mellon, we will have access to a well-established, stable distribution channel and easier, faster access to payment systems for expanded AP offerings."
Mellon already has a presence in Texas with nearly 250 employees. In addition to a lockbox site in Dallas with about 160 employees, other Mellon businesses are located in Dallas and Houston.