SourceHOV

SourceHOV LLC was an American technology-enabled business services company headquartered in Dallas, Texas. Its activities centered on enterprise information management, transaction processing, workflow management, and business-process outsourcing for organizations handling large volumes of structured and unstructured information. The company served customers in financial services, healthcare, insurance, government and other public-sector settings, and legal and commercial organizations. The business emerged from the consolidation of companies associated with document management outsourcing and transaction processing. In 2007, HandsOn Global Management LLC acquired Lason, a provider of document management outsourcing services. That transaction contributed to the formation of HOV Services, a business focused on transaction processing for corporate customers. SourceHOV was subsequently created in May 2011 through the merger of HOV Services and SourceCORP, another business-process outsourcing company. Following the merger, the corporate structure included SCH Services, Inc., SourceHOV Holdings, Inc., and SourceHOV LLC. Ownership and financial sponsorship changed over time. Apollo Global Management was associated with HOV Services until 2013, while CVCI, later associated with The Rohatyn Group, was involved until 2014. HandsOn Global Management and its affiliates remained the majority shareholder after the merger. These ownership arrangements placed SourceHOV within the private-equity-backed consolidation of information-management and outsourced transaction-processing providers. SourceHOV expanded through acquisitions intended to broaden its technology and industry coverage. In 2014, it acquired BancTec Inc., a transaction-processing provider serving commercial banks, governments, insurers, and other large organizations. The acquisition strengthened SourceHOV's presence in international banking and payments and added capabilities relevant to high-volume financial transactions. In 2016, SourceHOV acquired TransCentra, Inc., whose offerings included integrated billing, remittance processing, imaging software, and consulting services. This transaction further developed SourceHOV's role in banking, payments, billing, and related document-intensive workflows. The company's service model combined process outsourcing with technology intended to automate complex, data-intensive work. Its capabilities included accounts-management processes, financial transaction services, healthcare-related processing, insurance and risk-management services, and workflow systems. Rather than operating primarily as a consumer-facing software brand, SourceHOV supplied operational infrastructure and managed services to enterprises and public-sector organizations. In February 2017, SourceHOV, Novitex Holdings, Inc., and Quinpario Acquisition Corp. 2 announced an agreement to merge. The transaction was designed to create Exela Technologies, a larger provider of financial technology and business services for major corporate customers. The announced combination was expected to close in the second quarter of 2017 and marked the effective transition of SourceHOV's business into the Exela structure. SourceHOV is therefore best understood as a former enterprise business-services and transaction-processing brand whose operations became part of Exela Technologies rather than as an ongoing independent SaaS company.

SourceHOV's history developed from the consolidation of document-management outsourcing and transaction-processing businesses. A major antecedent was Lason, a provider of document management outsourcing services acquired by HandsOn Global Management LLC in 2007. The acquisition helped lead to the creation of HOV Services, which provided transaction-processing services to corporate customers. In May 2011, HOV Services merged with SourceCORP to create SourceHOV. The post-merger corporate structure included SCH Services, Inc., a Delaware corporation established by HandsOn Global Management and Apollo, as well as SourceHOV Holdings, Inc. and SourceHOV LLC. The business remained backed by private-equity and investment groups. Apollo Global Management was associated with the HOV Services business until 2013, CVCI was involved until 2014, and HandsOn Global Management and affiliated investors remained majority shareholders after the merger. SourceHOV pursued expansion through acquisitions. In December 2013, several companies expressed interest in acquiring the business. In 2014, SourceHOV acquired BancTec Inc., a provider of transaction-processing services for commercial banks, government bodies, insurance companies, and other large organizations. BancTec broadened SourceHOV's international banking and payments capabilities and strengthened its ability to handle high-volume institutional transactions. In 2016, SourceHOV acquired TransCentra Inc. TransCentra brought integrated billing, remittance processing, imaging software, and consulting services. The acquisition supported SourceHOV's strategy of combining managed services with technology for payment, billing, and information-intensive workflows. Across its business, SourceHOV served financial-services, healthcare, public-sector, insurance, risk-management, legal, and other enterprise customers. SourceHOV's operating model combined workflow systems, information management, and outsourced processing. Its services addressed complex transactions involving documents, accounts, payments, claims, healthcare information, and other data-heavy processes. The company was consequently positioned as a technology-enabled business-services provider rather than a conventional standalone software vendor. In February 2017, SourceHOV LLC, Novitex Holdings, Inc., and Quinpario Acquisition Corp. 2 announced a merger to create Exela Technologies. The announced transaction was valued at approximately $2.8 billion and was expected to close in the second quarter of 2017. The combination placed SourceHOV's operations within a broader financial-technology and business-services platform and ended its role as an independent brand. The available reference material does not establish a separate continuing SourceHOV operating identity after the planned transaction.

1. 2017Agreement to create Exela Technologies

   SourceHOV, Novitex, and Quinpario Acquisition Corp. 2 announced a merger intended to form Exela Technologies, a larger financial-technology and business-services company.

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2. 2016TransCentra acquisition

   SourceHOV acquired TransCentra, expanding into integrated billing, remittance processing, imaging software, and consulting.

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3. 2014BancTec acquisition

   SourceHOV acquired BancTec, adding transaction-processing capabilities for banking, government, insurance, and other large institutional customers.

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4. 2011HOV Services and SourceCORP merge

   HOV Services and SourceCORP merged in May 2011, creating SourceHOV and combining transaction-processing and business-process outsourcing capabilities.

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5. 2007HandsOn Global Management acquires Lason

   HandsOn Global Management LLC acquired Lason, a document-management outsourcing provider. The transaction helped establish the corporate and operating foundations that later became associated with HOV Services and SourceHOV.

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A technology-enabled enterprise services provider positioned between traditional business-process outsourcing and information-management technology. SourceHOV focused on automating and operating complex, high-volume transactions for regulated and document-intensive industries.

• Enterprise information managementInformation management

  SourceHOV provided services for organizing, processing, and managing enterprise information, particularly in environments with substantial document and transaction volumes. These capabilities supported outsourced workflows for financial, healthcare, insurance, public-sector, legal, and commercial organizations.

• Transaction processingBusiness-process outsourcing

  Transaction processing was a central SourceHOV capability. The company handled data-intensive operational processes for corporations and institutional customers, including financial transactions and account-related workflows. The BancTec acquisition expanded this activity across banking, government, insurance, and international payments.

• Workflow management and BPOEnterprise workflow services

  SourceHOV combined workflow-management systems with business-process outsourcing to automate and operate complex enterprise transactions. The offering was designed for organizations requiring repeatable processing of large volumes of documents, records, accounts, and other structured or unstructured data.

• Billing and remittance processingPayments and financial operations2016

  Through its acquisition of TransCentra, SourceHOV added integrated billing and remittance-processing capabilities. These services complemented the company's transaction-processing and information-management activities and strengthened its position in banking and payments.

• Imaging software and consultingDocument technology2016

  TransCentra also contributed imaging software and consulting services. Within SourceHOV's portfolio, these capabilities supported the conversion, handling, and operational use of information connected to billing, remittance, and other document-intensive processes.

• 2017Merge with Novitex and Quinpario to create Exela TechnologiesM&A

  SourceHOV and Novitex were to be combined through Quinpario Acquisition Corp. 2, a special-purpose acquisition company, to create a larger provider of financial technology and business services.

  What changed. The parties announced a merger in February 2017. The transaction was intended to create Exela Technologies and was expected to close during the second quarter of 2017.

  Aftermath. The planned combination marked the transition of SourceHOV into the Exela Technologies platform and the end of SourceHOV's independent corporate identity.

  announced transaction value. (Announced February 2017; expected closing in the second quarter of 2017)

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• 2016Acquire TransCentra to strengthen billing and paymentsM&A

  SourceHOV was expanding from outsourced processing into a broader combination of technology, billing, remittance, and payment-related services.

  What changed. SourceHOV acquired TransCentra, adding integrated billing, remittance processing, imaging software, and consulting services.

  Aftermath. The deal improved SourceHOV's position in banking and payment-related work and complemented its existing information-management and transaction-processing operations.

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• 2014Acquire BancTec to expand transaction processingM&A

  SourceHOV sought to broaden its transaction-processing and financial-services capabilities and increase its reach across banking, government, insurance, and other large institutional markets.

  What changed. SourceHOV acquired BancTec Inc., bringing additional transaction-processing operations and capabilities relevant to international banking and payments into the company.

  Aftermath. The acquisition expanded SourceHOV's service scope in banking and payments. The available reference does not provide separate post-acquisition financial results.

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• 2017SourceHOV, Novitex, and Quinpario announce merger to form Exela Technologies

  SourceHOV LLC, Novitex Holdings, Inc., and Quinpario Acquisition Corp. 2 announced a merger intended to create Exela Technologies, a larger financial-technology and business-services provider.

  M&A
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• 2016SourceHOV acquires TransCentra

  SourceHOV acquired TransCentra, expanding its capabilities in integrated billing, remittance processing, imaging software, and consulting services.

  M&AProduct generation
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• 2014SourceHOV acquires BancTec

  The acquisition of BancTec added transaction-processing capabilities serving banks, governments, insurers, and other large organizations, with particular relevance to international banking and payments.

  M&A
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• 2013Companies express interest in acquiring SourceHOV

  Several companies reportedly expressed interest in acquiring SourceHOV during December 2013, highlighting the company's position within the consolidation of outsourced information-management and transaction-processing providers.

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1. SourceHOV