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Private Equity

SourceHOV Accelerates Growth with New U.K. & Ireland Headquarters

May 12th, 2017

Combined company positioned for sustainable growth and long‐term value creation

May 12, 2017 Egham, Surrey, UK. - SourceHOV is pleased to announce the inauguration of its new U.K. and Ireland headquarters. BancTec, a wholly owned subsidiary of SourceHOV, has operated in the UK and Ireland for more than four decades providing proprietary technology and solutions to banks, insurance, utilities and other industries. Since its acquisition by SourceHOV in 2014, the business has positioned itself as a global leader in enterprise information management and transaction processing solutions. SourceHOV offers technology-enabled solutions that allow organizations to address critical challenges resulting from the massive amounts of data collected and created through their daily operations. With process expertise, information technology capabilities and operational insights, SourceHOV enables organizations to more efficiently create, control, analyze and communicate critical information.
With the opening of the new UK & Ireland headquarters, SourceHOV is solidifying its investment in the community and geographies where the company operates. The building is located opposite the famous Runnymede fields where the historical Magna Carta was sealed in 1215, marking the birth of constitutional democracy.
“We chose this location to complement our commitment to democratic values, integrity, equality, mutual respect and freedom of thought, enabling each team member to be the best they can be” said Par Chadha, Chairman of SourceHOV. “We are fortunate we were able to locate to such a historic site.”
SourceHOV’s President of EMEA, Mark Fairchild added, “we are very pleased with our new location and our entire team is excited to welcome clients and partners to the new headquarters.”
In February 2017, SourceHOV announced the agreement to acquire Novitex Enterprise Solutions. The combined company will be renamed Exela Technologies, Inc., with over $1.4 billion total 2016 pro forma revenue and will employ more than 23,000 people. Upon completion of this acquisition, the combined company will have in excess of 3,500 marquee customers with over 60 percent of the Fortune® 100 companies. Exela will be listed on Nasdaq under the symbol XELA.