HandsOn3 on Monday said that one of its affiliated funds has signed an agreement to acquire BancTec Inc., a Dallas firm that provides financial transaction automation and document management services to companies.
The Santa Monica buyout firm said it will combine BancTec with another of its business process outsourcing companies, Dataforce Group. The combined company will have annual revenue of more than $280 million and serve clients in more than 50 countries. It will employ more than 4,000 employees in 30 office and operating centers.
“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,” Jim Reynolds, a HandsOn3 partner, said in a statement.
Terms of the deal were not disclosed. Pending approvals, the deal is expected to close in April.