In an effort to create "one of the largest pure-play" business process outsourcing companies in the U.S., HandsOn3 has entered into a definitive agreement to acquire BPO provider BancTec.

The combined company is expected to generate annual revenues of roughly $280 million from services offered in more than 50 countries by a global team of 4,000 employees.

BancTec was founded in the 1970s as a manufacturer of check sorting machines. It expanded into imaging products and services and over time transformed itself into an outsourcing provider servicing financial services, healthcare, utilities and other industries.

HandsOn3, a Santa Monica, Calif., global manager of funds that invest in business process services, big data mining, natural resources and waste-to-energy companies, says it plans to combine the operations of BancTec, which is headquartered in Dallas, with Dataforce Group, whose services include accounts receivable management, end-to-end auto insurance, and expense and benefits management. Together, HandsOn3's new and existing businesses will address transaction processing, workflow and document management needs.

HandsOn3 said it plans to keep the current BancTec leadership and management team in place.

"The combined companies will create a diversified multi-industry services provider" that is expected to help expand market share and improve operational efficiency, Coley Clark, chairman and CEO of BancTec, said in a press release.

The price of the deal was not disclosed.