Tuesday, February 25, 2014

Investment Funds Manager Agrees to Buy BancTec

HandsOn3, which is described as "a Santa Monica, Calif., global manager of funds" has agreed to acquire BancTec. Based in Dallas, BancTec has been a long-time player in the document and check imaging hardware, software, and services space. Lately, it has tried to transition more of its business toward document outsourcing, which seems to have been the attraction for HandsOn3. HandsOn3 apparently already owns a BPO organization named Dataforce Group, "whose services include accounts receivable management, end-to-end auto insurance, and expense and benefits management."

The plan is to combine Banctec and Dataforce, which will create a $280 million company. It's worth noting that in 2011, the last year that BancTec filed an S-1 with the SEC, it alone was on target for more than $250 million in revenue. BancTec recently announced it had opened a new BPO center in El Paso to better handle its growing healthcare claims outsourcing practice.

According to the press release on the acquisition, "The current BancTec leadership and management team will remain in place and play a key role in the growth of the combined company."

BancTec executives are not discussing the acquisition until it is completed. In 2012 BancTec had an agreement to be acquired by document outsourcing and software specialist TransCentra, but the deal was never completed. BancTec is a sponsor at this year's AIIM Conference in early April and we are looking forward to catching up with them there.

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