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SourceHOV and BancTec Group Complete Merger, Creating a Global Leader in Transaction Processing Solutions


News provided by

SourceHOV

04 Nov, 2014, 13:00 GMT

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- Combined company positioned for sustainable growth and long-term value creation

COPPELL, Texas, Nov. 4, 2014 /PRNewswire/ -- SourceHOV and BancTec Group today announced the completion of their merger, creating one of the largest Transaction Processing Solutions ("TPS") service providers worldwide with more than $900 million in revenue. The combined company will continue to use both the SourceHOV and BancTec brand names. Pursuant to the terms of the transaction, funds managed and advised by The Rohatyn Group ("TRG") have exited their majority shareholding in SourceHOV, and HandsOn Global Management and its affiliates ("HGM"), including HOVS LLC, have become majority shareholders of the combined company, with Delos Capital among the remaining shareholders. A new $1.1 billion credit facility will be used to refinance existing debt, provide additional working capital and make other payments in connection with the merger.

Morgan Stanley acted as sole arranger and bookrunner, providing financial commitment in support of the merger. Willkie Farr & Gallagher LLP acted as legal advisor to HGM and Cahill Gordon & Reindel LLP acted as the legal advisor to Morgan Stanley. Cleary Gottlieb Steen & Hamilton LLP served as legal advisor to TRG.

About HGM

Headquartered in Santa Monica, CA, HGM manages several global buyout funds and primarily invests in the business process services, big data mining and industrial services sectors. Using its proven investment approach from prior funds, the fund's typical strategy is to acquire diversified businesses led by experienced management teams, with strong fundamentals and significant performance improvement potential. For more information, please visit the HGM website at www.hgmfund.com

About TRG

Founded in 2002, The Rohatyn Group is a leading emerging markets asset management firm headquartered in New York, with offices around the globe including, Singapore, Hong Kong, London, Buenos Aires, Lima, Montevideo, Mexico City, Sao Paulo, Mumbai and New Delhi. For more information, please visit www.rohatyngroup.com.

About SourceHOV and BancTec

SourceHOV and BancTec, surpassing $900 million in revenue, serve more than half of Fortune 100® companies and have deep domain expertise, including document centric application, 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. SourceHOV and BancTec utilize highly scalable and modular technology platforms to deliver reliability, security and high levels of performance in customers' mission critical processes in conjunction with hardware and software solutions. The combined company's global workforce is comprised of around 16,000 employees serving customers in 50+ countries across the Americas, EMEA and pan-Asia. For more information, please visit www.sourcehov.com and www.banctec.com 

Media inquiries: Ray Wise, +1-214-601 2293

Related Links

http://www.sourcehov.com

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