BANCTEC ANNOUNCES ACQUISITION OF IMAGESOLVE INTERNATIONAL, LTD.
DALLAS, Dec. 2 /PRNewswire/ -- BancTec, Inc. (NASDAQ: BTEC) announced today that it has acquired the outstanding shares of Imagesolve international, Ltd., a leading British provider of integrated systems solutions for electronic document imaging. Imagesolve utilizes its document management expertise to develop solutions for capturing, routing, storing and accessing electronic images of paper documents. Imagesolve's software and systems integration expertise enables companies to bring together paper files, microfilm archives, computer- generated documents and corporate databases, and store images of those documents on industry-standard CDs. Approximately 400,000 paper documents can be stored on one 5-1/4 inch CD, providing easy access to records with an affordable, efficient alternative to microfiche and microfilm storage. Imagesolve specializes in solutions utilizing Computer Output to Laser Disk (COLD) technology, which electronically archives computer- generated documents such as invoices, statements and business forms onto optical disks. The company recently installed the highest volume COLD system in Europe, which directly accepts 650,000 computer-generated records a week, processing and storing the information in under five hours. Imagesolve's annual revenues are approximately $4.0 million. BancTec's Chairman and Chief Executive Officer, Grahame N. Clark Jr., states, "It is evident that many companies throughout the world are rapidly moving toward "enterprise-wide" imaging. Companies want to electronically route, modify, retrieve and store a very high percentage of their financial documents, forms, memos, contracts, invoices and other documents via their local area networks (LANs). BancTec is now able to provide complete solutions for many different document imaging requirements. Our ImageFIRST(R) systems are used to digitize, display and store a variety of financial documents, such as checks, credit card drafts, remittance advices and European giro documents. The recent announcement of BancTec's proposed acquisition of Terminal Data Corporation (TDC), a major provider of document image scanning systems, underscores our intent to be a leader in the full-page image market. Our expertise in supporting local area networks and personal computers gives us an advantage in the design and maintenance of network-based imaging systems. With the acquisition of Imagesolve, we now have another key expertise, the design and implementation of solutions for document workflow and management systems. Many of our current products and most of our product development efforts center around open systems-oriented, network-based solutions. We believe that the creation, manipulation and storage of all types of document images will provide BancTec with a major opportunity for growth during the next decade." BancTec is a leading provider of electronic and document-based financial transaction processing systems, application software and support services. BancTec develops integrated image processing and data capture solutions for the banking, financial services, insurance, government, utility, telecommunications and retail industries. The company also designs and manufactures document processing equipment for OEM customers and provides network maintenance and support services for LANs and personal computers. -0- 12/2/93 /CONTACT: Gary Robinson, senior vice president and chief financial officer, BancTec, Inc., 214-450-7753/ (BTEC)
CO: BancTec, Inc. ST: Texas IN: CPR FIN SU: ACC
SP -- NY042 -- 9712 12/02/93 10:32 EST
|Printer friendly Cite/link Email Feedback|
|Date:||Dec 2, 1993|
|Previous Article:||AFFINITY BIOTECH AND BIO-PHARM AGREE TO MERGE|
|Next Article:||REXNORD CORPORATION ENTERS A DEFINITIVE MERGER AGREEMENT|