Banctec Inc., a leading supplier of check processing systems to banks, announced this week that it has acquired an electronic funds transfer software firm from Nynex Corp.
The acquired Nynex unit, Leroux, Pitts & Associates, develops and sells software to financial institutions, retailers, and other companies involved in the processing of payments of debit and credit cards.
Leroux, Pitts had revenues of $4 million last year, Banctec officials said. Terms of the sale were not disclosed.
For Dallas-based Banctec, the acquisition marks an entrance into a market that is expected to expand dramatically in the coming years, as more consumers demand electronic payment mechanisms from retailers.
Clearwater. Fla.-based Leroux, Pitts currently has installed software supporting about 150,000 point of sale terminals.