SourceHOV

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SourceHOV, Inc.
Company typePrivate
IndustrySoftware, information technology
PredecessorLason, HOV Services, SourceCorp
Founded2011
Headquarters
Dallas, Texas
,
United States
Key people
  • Par Chadha
  • (Chairman)
  • Jim Reynolds
  • (Co-Chairman)
  • Ronald C. Cogburn
  • (CEO)
Servicesenterprise information management, Transaction processing services
Number of employees
16000
Websitewww.sourcehov.com

SourceHOV LLC is an American technology-enabled business services company headquartered in Dallas, Texas. It provides enterprise information management and transaction processing services in the BPO industry. In February 2017, Novitex Enterprise Solutions, SourceHOV and Quinpario Acquisition Corp. 2 announced that they will merge to create Exela Technologies, a solutions[buzzword] provider for financial technology and business services.[1][2][3]

History[edit]

In 2007, HandsOn Global Management LLC (HGM) acquired Lason, a provider of document management outsourcing services.[4] This acquisition led to the creation of HOV Services (HOVS), a company providing transaction processing services to corporations. Subsequently, SourceHOV was formed as the merger in May 2011 of HOV Services, and SourceCORP, a business process outsourcing company.[5][6][7] These companies were respectively owned by Apollo Global Management LLC until 2013, CVCI (The Rohatyn Group) until 2014 and HGM and affiliates that remained the majority shareholder.[8][9] Following this merger, HGM and Apollo created a new corporation called SCH Services, Inc in Delaware. As a result, SCH renamed and became SourceHOV Holdings, Inc., and SourceCorp, SourceHOV LLC. In December 2013, several notable companies expressed interest in acquiring SourceHOV.[10][11]

In 2014, SourceHOV acquired BancTec Inc., a provider of transaction processing solutions[buzzword] to commercial banks, governments, insurance companies and large organizations.[12] This acquisition enabled SourceHOV to expand its operations and services into international banking and payments.[13][14]

In 2016, SourceHOV further transformed into a solution[buzzword] provider for larger industries and incorporated key technologies with the acquisition of TransCentra, Inc., a provider of integrated billing, remittance processing, imaging software and consulting services.[15] The addition of TransCentra improved SourceHOV's position in banking and payment.[16][17]

In February 2017, SourceHOV, LLC, Novitex Holdings, Inc and Quinpario Acquisition Corp. 2, a Special-purpose acquisition company, agreed to merge and create Exela Technologies a large provider of financial technology and business services to blue chip clients.[1][2] This transaction, valued at $2.8 billion, is expected to close during the second quarter of 2017.[3][18][19]

Overview[edit]

SourceHOV specializes in transactions for international industries including financial services, health care, public sector organizations, insurance, and legal organizations.[20] SourceHOV offers workflow management system and business process outsourcing (BPO) solutions[buzzword] that enable companies to automate complex, data-intensive transactions. The company's business transaction management services include accounts management, financial, healthcare, insurance and risk management services.[21]

Mergers and acquisitions[edit]

Date Name Industry Disposition
2007 Lason Business process outsourcing (BPO) Subsidiary (acquisition)
2011 HOV Services Transaction processing services Subsidiary (acquisition)
2011 SourceCorp BPO Subsidiary (acquisition)
2014 BancTec Transaction processing services Subsidiary (acquisition)
2016 TransCentra Transaction processing services Subsidiary (acquisition)
2017 Exela Technologies Information and transaction processing solutions New company (merger)[22]

References[edit]

  1. ^ a b "Apollo affiliate Novitex, SourceHov to merge with Quinpario". CNBC.com. February 21, 2017.
  2. ^ a b "Affiliates of Apollo and HGM Agree to Combine Novitex and SourceHOV with Quinpario Acquisition Corp. 2 to Form Exela Technologies, a Public Company in a Transaction Valued at $2.8 Billion". NASDAQ.com. February 21, 2017.
  3. ^ a b "Quinpario Acquisition Corp. 2. Term Sheet". Fortune.com. February 23, 2017.
  4. ^ "HOV acquires US-based Lason for $148 mn". The Economic Times.
  5. ^ "Company History - HOV Services Ltd". Economic Times (India).
  6. ^ "HOV Services to sell its stake in SourceHOV for $95 million". Business Standard. October 2, 2014.
  7. ^ "HOV Services hits 52-week high ahead of board meet". Business Standard. February 21, 2017.
  8. ^ "Rockcastle County names SourceHOV as 2016 Business of the Year". Yahoo.com. March 8, 2017.
  9. ^ "SourceHOV and BancTec Group Complete Merger, Creating a Global Leader in Transaction Processing Solutions". SourceHOV. November 4, 2014.
  10. ^ "BPO company SourceHOV put on block with $1.2billion price tag". The Economic Times. October 28, 2013.
  11. ^ "Private equity majors bid for $1bn SourceHOV". The Times of India. December 2, 2013.
  12. ^ "Transaction Processing Providers SourceHOV and BancTec Merge". Digital Book World. October 1, 2014.
  13. ^ "Linked2pay and SourceHOV Team to Optimize the Bill Payment Process". VentureBeat. April 15, 2015.
  14. ^ "SourceHOV location could close in December". The Times-Tribune (Corbin). October 25, 2015.
  15. ^ "SourceHOV Completes Acquisition of TransCentra and Reinforces its Global Transaction Processing Solutions Footprint". Dallas Business Journal. Sep 28, 2016.
  16. ^ "SourceHOV in Mount Vernon announces availability of 600 new jobs digitizing veterans' claims". KyForward.com. June 21, 2016.
  17. ^ "Company adding 600 jobs at Rockcastle Co. location". Wkyt.com. Jun 17, 2016.
  18. ^ "Deals of the day-Mergers and acquisitions". Reuters.com. February 22, 2017.
  19. ^ "BRIEF-Novitex and Sourcehov to merge with Quinpario to form Exela Technologies in $2.8 bln deal". Reuters.com. February 21, 2017.
  20. ^ "Digital Solutions in India 2016: Unfolding the Next Chapter in Digital Content Proposition". Publishers Weekly. Apr 29, 2016.
  21. ^ "Company Overview of SourceHOV LLC". Bloomberg News.
  22. ^ "Quinpario strikes $2.8 billion merger deal". St. Louis Business Journal. February 22, 2017.
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