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Follow on Google News | SourceHOV and BancTec enter into a Merger AgreementMerger will create a Global Leader in Transaction Processing Solutions
By: SourceHOV The merger positions the combined company for accelerated growth leveraging technology platforms and service offerings to scale revenue and cross-sell into additional markets throughout the Americas, Europe and Asia. “SourceHOV’ In the transaction, stockholders of BancTec will receive stock in SourceHOV, and SourceHOV will use a new $1.1 billion credit facility to refinance existing indebtedness, redeem certain existing SourceHOV equity holders and provide additional working capital. Closing of the transaction is subject to customary conditions, including regulatory approvals, and is expected to occur this year. The transaction value was not disclosed. Morgan Stanley as Sole Bookrunner and Sole Lead Arranger has provided financing commitment in support of the transaction. About SourceHOV SourceHOV, with over $600 million in revenue, is one of the largest pure play TPS companies in the industry, serving more than half of the Fortune 100® with deep domain expertise, including document centric applications, in Healthcare Payer and Provider, Finance and Banking, Public Sector, Publishing, Legal, Insurance, Manufacturing and Commercial industries, including specialized consulting services for construction management, tax benefits, legal claims settlements and economic consultancy. The company’s global workforce is comprised of more than 12,000 employees operating from over 80 delivery centers in the U.S., Mexico, Canada, India, China, and the Philippines. For more information about, please visit SourceHOV’s website www.sourcehov.com. About BancTec Group BancTec with approximately $300 million in revenue, provides transaction processing solutions to many of the world’s largest commercial banks governments, insurance companies and other large organizations. Its hosted platforms solutions provide mission critical services for banking, financial services, insurance, healthcare and public sector industries in conjunction with hardware and software solutions, for organizations seeking to drive efficiency in their financial back-office processes. With clients in 50 countries, BancTec operates 35 delivery centers worldwide, utilizing a common technology platform to deliver reliability, security and high levels of performance. For more information, please visit BancTec’s website www.banctec.com. End
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