Relationship expands BancTec’s European Business Process Outsourcing (BPO) capabilities.
BancTec, Inc., a global provider of advanced, high-volume, document and payment processing solutions and services has extended the reach of its BPO offerings through the acquisition of Privatgirot AB, one of the largest providers of payment and document services in the Nordic region of Europe. Privatgirot,—which processes Giros for the top seven Swedish Banks—will continue to provide payment and document processing services under long term service contracts. In 2008, Privatgirot generated revenues in excess of $18m consisting of paper and electronic payments alongside a range of general document based services. As part of the transaction, Fred Petrini, CEO of Privatgirot, will join BancTec to head up the BancTec Nordic BPO Services operation.
“BancTec has within a short timeframe built a strong BPO practice throughout Europe, with particular expertise in providing payment and document processing services,” said Michael D Peplow, President, EMEA, BancTec. “Combining Privatgirot with BancTec’s existing Nordic processing centres will provide a market leading portfolio of payment and document services to the largest and most demanding financial institutions in the Nordic region. I am particularly delighted that Fred has agreed to join BancTec and head our Nordic BPO operation, Fred brings with him a great deal of senior management experience and operational know-how which will assist BancTec to continue to further accelerate growth in our EMEA BPO operation.”
Privatgirot AB, which is owned collectively by Sweden’s seven largest banks, is recognized for its expertise in the handling, scanning, interpretation and archiving of financial information. Each year, Privatgirot processes approximately 110 million paper-based payments and 10 million electronic payments. The company, which also digitizes more than 1.5 million general correspondence documents and millions of supplier invoices annually, can process up to 2.5 million documents per day. Privatgirot utilizes a variable staffing model, unique delivery capabilities and leading-edge hardware and software solutions to provide the highest possible quality, safety and customer experience. “We are proud of the contribution Privatgirot has made to the Swedish National Payment system and we believe that by selecting BancTec as our long term partner that Privatgirot will continue to play a leading role in the onward development of the payment systems in Sweden” Björn Elfstrand, Outgoing Chairman of Privatgirot and CFO Swedish Banking, Swedbank.
BancTec helps clients around the world simplify the process of managing their information. Founded in 1972, the company provides a wide range of solutions for automating complex, high-volume and data-intensive business processes for clients in the financial services, healthcare, manufacturing, government, services and utilities industries. BancTec’s offerings include business solutions, business process outsourcing, and infrastructure services. With headquarters in Dallas, BancTec serves clients in 50 countries. For more information on how BancTec can help you optimize information management, visit: www.banctec.co.uk or call +44 (0)1753 778888.
All statements in this press release that do not directly and exclusively relate to historical facts are “forward-looking statements” describing BancTec's objectives, targets, plans, strategies, costs, anticipated capital expenditures and expected cost savings. These statements represent BancTec’s intentions, plans, expectations and beliefs, and are subject to risks, uncertainties and other factors, many of which are outside the Company’s control. These factors could cause actual results to differ materially from such forward-looking statements. For a written description of these factors, see the section titled “Risk Factors” in the Company’s Registration Statement on Form S-1, as amended, initially filed with the Securities and Exchange Commission on August 8, 2007. The Company disclaims any intention or obligation to update these forward-looking statements whether as a result of subsequent events or otherwise except as required by law.
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