BancTec buys SDS Applications
22 November 2005 | 4279 views | 0
Texas-based BancTec has acquired SDS Applications Limited, a UK provider of mortgage processing systems and derivatives trading software, for an undisclosed sum.
Last year, SDS Applications had a turnover of £2.14 million. The firm has customers throughout the mortgage community along with The London Metal Exchange.
BancTec says it will integrate SDS Applications' browser-based software into its eFirst business process management software suite. This will allow BancTec to target its global customer base with the mortgage processing and derivative trading products, as well as opening SDS Applications' customer base to the BancTec eFIRST product suite.
Steve Downey, COO of BancTec UK and Ireland, says: "The combination will allow BancTec to deliver cost-saving solutions across the financial services market, especially in areas such as mortgages, insurance and consumer loans."