Slough, England - 22 November 2005 - BancTec Limited, the financial systems and outsourcing specialist, today announced that it has acquired UK mortgage and trading systems company, SDS Applications Limited, for an undisclosed amount. The acquisition will move BancTec into the mortgage and trading software markets for the first time and will allow BancTec to further its growth plans in both Europe and North America
BancTec will accelerate product development and integrate SDS Applications' software into the BancTec eFIRST product suite. This will allow BancTec to target its global customer base with the mortgage processing and derivative trading products, as well as opening SDS Applications' customer base to the BancTec eFIRST product suite.
"BancTec and SDS Applications have similar traditions of delivering quality systems, superior customer focus and innovative solutions," said Steve Downey, Chief Operating Officer of BancTec UK and Ireland. "SDS Applications' software product suite is a natural extension to our eFIRST product suite, and the combination will allow BancTec to deliver cost-saving solutions across the financial services market, especially in areas such as mortgages, insurance and consumer loans."
"This acquisition will allow us to combine our strengths and to expand delivery of SDS Applications' technology through the BancTec customer base, while providing enhanced opportunities to our employees," said Barry Yager, Sales Director of SDS Applications. "Our customers will benefit through accelerated product development and the global support that BancTec can offer."
SDS Applications has developed innovative applications that exploit the business advantages available using browser-based Internet technology. SDS Applications' software is a component-based software solution, handling the entire mortgage pre-completion process, with increased staff productivity and reduced operating costs. Last year, SDS Applications had a turnover of Â£2.14 million, with customers throughout the mortgage community and London Metal Exchange.
"With the acquisition of SDS Applications we have strengthened our portfolio of business applications and solutions," said Steve Downey. "The result of this acquisition will allow BancTec to continue its growth in the financial services market across the globe."