BancTec Acquires Check Strip Repair Division of CheckTech Financial Corporation
10.25.2005 — Dallas, Tx
BancTec, Inc., a global provider of document and remittance processing solutions, announced that it has purchased the assets of the Check Strip Repair division of CheckTech. CheckTech is an industry leader in the highly specialized paper check repair industry. Terms of the transaction were not disclosed.
“CheckTech’s Check Strip Repair division is a solid, profitable operation that serves to create momentum for BancTec growth objectives,” said Terry Holash, vice president of hardware services for BancTec. “With Check 21 legislation now requiring banks that do business with the Federal Reserve System to have equipment and supplies to repair damaged checks in a high-speed image processing environment, this acquisition complements the current BancTec solutions portfolio to the immediate benefit of our clients.”
BancTec’s acquisition of CheckTech’s Check Strip Repair division is the natural progression of a long-standing business relationship. While CheckTech will continue to manufacture CheckTech-branded check strip repair equipment, BancTec will expand its focus on the check strip development process, paper and supplies to address the growing demand for check strip repairs.
Contact:
1-800-BancTec
inquires@banctec.com
