Banctec Inc., a leading supplier of check and document image equipment to the banking industry, has announced an agreement to acquire Terminal Data Corp. of Moorpark, Calif.
The acquisition, for which the companies expect to receive regulatory and shareholder approval by February, will bring to Dallas-based Banctec a range of document image capture products and new clients outside the banking industry.
Document imaging, in which business forms and other pieces of paper are turned into digitized pictures that can be displayed and stored on computers, has grown to one of the most popular technologies among banks in recent years.
Banctec is to pay $3.375 per share for TDC.
