First Financial Management Corp. has agreed to acquire a microfilm company from EDS Corp.
Atlanta-based First Financial said it plans to merge the unit, Kalvar Corp., into its data imaging division.
First Financial is the parent of Nabanco, one of the largest processors of credit card transactions for retail merchants. It also owns Georgia Federal Bank, a $4.6 billion-asset thrift based in Atlanta.
A Specialized Field
The company said the acquisition of Kalvar would expand its share of the market in the business known as computer output micrographics. Such systems convert data into microfilm for easier storage.
Kalvar also provides laser printing and other micrographic services for financial institutions. It will bring to First Financial 15 data centers serving 1,500 customers.
Kalvar was formerly a part of Mtech, the technology division of the Texas-based MCorp. The latter's banking subsidiaries, MBanks, were seized and sold by the Federal Deposit Insurance Corp. in 1989. They formed the nucleus of Banc One Corp.'s Texas business.
Mtech, the data processing unit, was acquired by EDS in 1988.
Officials at First financial said the company was not planning layoffs at Kalvar, which has 300 employees.
First Financial's data imaging unit has 68 offices around the country and more than 10,000 customers.
Terms of the Kalvar acquisition were not disclosed.
First Financial has grown by leaps and bounds through acquisition over the past year. nabanco has acquired the merchant processing businesses of several large banks. Its most recent acquisition, made this month, was the merchant business of CFC Financial Services Inc., a subsidiary of PNC Financial Corp.