BANCTEC ANNOUNCES ACQUISITION OF COMPUTER FIELD SPECIALISTS, INC.
BANCTEC ANNOUNCES ACQUISITION OF COMPUTER FIELD SPECIALISTS, INC. DALLAS, June 11, /PRNewswire/ -- BancTec, Inc. (NASDAQ: BTEC) has signed a letter of intent with Computer Field Specialists, Inc. and Computer Field Specialists of Texas, Inc. (collectively CFS), headquartered in Oklahoma City, to exchange all outstanding shares of CFS for BancTec stock valued at $7.2 million. CFS has annual revenues of approximately $9 million and is a provider of hardware maintenance service on IBM 3890 and 3890 XP reader/sorters to banks and bank service bureaus. CFS also refurbishes and resells IBM 3890 and 3890 XP reader/sorters, which are 2,400 document-per-minute processors and are the primary transports for check sorting in many large banks. Primarily a regional provider, CFS is the largest independent servicer of IBM 3890 and 3890 XP reader/sorters in the United States. BancTec intends to enhance CFS's share of the U.S. market by offering the service on a nationwide basis through BancTec Service Corp. (BSC). BSC will now be able to offer multi-vendor support to existing customers that have both BancTec manufactured reader/sorters and IBM 3890 reader/sorters. BancTec, Inc. is a leading worldwide provider of integrated financial transaction processing systems, application software and support services. BancTec develops turn-key document image processing and data capture solutions for the banking, financial services, insurance, government, utility, telecommunications and retail industries. The company also designs, manufactures and markets document processing equipment for OEM customers and provides third-party maintenance and support services for local area networks and personal computers. -0- 6/11/92 /CONTACT: Gary Robinson, vice president and chief financial officer, BancTec, Inc., 214-450-7713/ (BTEC) CO: BancTec Inc. ST: Texas IN: SU: TNM
TQ -- NY018 -- 9106 06/11/92 09:15 EDT
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|Date:||Jun 11, 1992|
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