BancTec, Inc., a provider of high-volume, document and payment processing and services has extended the reach of its BPO offerings through the acquisition of Privatgirot AB, a provider of payment and document services in the Nordic region of Europe.
Privatgirot, – which processes Giros for 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 $18 million 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,” says Michael D. Peplow, president, BancTec, EMEA. “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.”
“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,” says Bjorn Elfstrand, outgoing chairman of Privatgirot and CFO Swedish Banking, Swedbank.
L.D.