ITSM provides comprehensive deployment and maintenance services on computers, servers, printers, peripherals and networks for original equipment manufacturers (OEMs) and information technology outsourcing (ITO) service providers in North America and Europe. The sale of the division provides BancTec the opportunity to commit additional resources to its business process outsourcing (BPO) practice and business solutions offerings. With the acquisition of ITSM, QualxServâwhich is one of the largest providers of technology deployment and field delivered support servicesâgains a bigger customer base, as well as increased scale and operating efficiency.
âWe are excited that this transaction is now closed and that both BancTec and QualxServ stand to realize significant benefits,â said J. Coley Clark, BancTec chairman and chief executive officer. âQualxServ gains an outstanding team of professionals dedicated to delivering superior IT services, while BancTec achieves additional flexibility to sharpen its focus on BPO and related business solutions. We appreciate the efforts of everybody who helped in the closing of this transaction.â
Friedman, Billings, Ramsey & Co., Inc. served as BancTecâs financial advisor for the divestiture, while Weil, Gotshal & Manges LLP provided legal counsel.