SourceHOV LLC is an American technology-enabled business services company headquartered in Dallas, Texas. It provides

enterprise information management Enterprise information management (EIM) is a business discipline specializing in providing solutions for optimal use of information within organizations, for instance to support decision-making processes or day-to-day operations that require the ava ...

and transaction processing services in the BPO industry. In February 2017, Novitex Enterprise Solutions, SourceHOV and Quinpario Acquisition Corp. 2 announced that they will merge to create Exela Technologies, a solutions provider for financial technology and business services.

History

In 2007, HandsOn Global Management LLC (HGM) acquired

Lason Lason is a provider of document management outsourcing services, including imaging, mail processing, data capture, document DNATM, and output. Lason has 35+ North American offices, with facilities in Mexico, China, and India which provide data a ...

, a provider of document management outsourcing services. This acquisition led to the creation of HOV Services (HOVS), a company providing transaction processing services to corporations. Subsequently, SourceHOV was formed as the

merger Mergers and acquisitions (M&A) are business transactions in which the ownership of companies, other business organizations, or their operating units are transferred to or consolidated with another company or business organization. As an aspect ...

in May 2011 of HOV Services, and SourceCORP, a

business process outsourcing Outsourcing is an agreement in which one company hires another company to be responsible for a planned or existing activity which otherwise is or could be carried out internally, i.e. in-house, and sometimes involves transferring employees and ...

company. These companies were respectively owned by

Apollo Global Management Apollo Global Management, Inc. is an American global private-equity firm. It provides investment management and invests in credit, private equity, and real assets. As of March 31, 2022, the company had $512 billion of assets under management, ...

LLC until 2013, CVCI (The Rohatyn Group) until 2014 and HGM and affiliates that remained the majority shareholder. Following this merger, HGM and Apollo created a new corporation called SCH Services, Inc in Delaware. As a result, SCH renamed and became SourceHOV Holdings, Inc., and SourceCorp, SourceHOV LLC. In December 2013, several notable companies expressed interest in acquiring SourceHOV. In 2014, SourceHOV acquired BancTec Inc., a provider of transaction processing solutions to commercial banks, governments, insurance companies and large organizations. This acquisition enabled SourceHOV to expand its operations and services into international banking and

payments A payment is the voluntary tender of money or its equivalent or of things of value by one party (such as a person or company) to another in exchange for goods, or services provided by them, or to fulfill a legal obligation. The party making the p ...

. In 2016, SourceHOV further transformed into a solution provider for larger industries and incorporated key technologies with the acquisition of TransCentra, Inc., a provider of integrated billing, remittance processing, imaging software and consulting services. The addition of TransCentra improved SourceHOV's position in banking and payment. In February 2017, SourceHOV, LLC, Novitex Holdings, Inc and Quinpario Acquisition Corp. 2, a

Special-purpose acquisition company A special purpose acquisition company (SPAC; ), also known as a "blank check company", is a shell corporation listed on a stock exchange with the purpose of acquiring a private company, thus making it public without going through the traditional i ...

, agreed to merge and create

Exela Technologies Exela Technologies, Inc. is an American business process automation ("BPA") company. It was created with the merger of SourceHOV LCC, Novitex Holdings, Inc. and Quinpario Acquisition Corp. 2. Overview Exela’s software and services include m ...

a large provider of

financial technology Fintech, a portmanteau of "financial technology", refers to firms using new technology to compete with traditional financial methods in the delivery of financial services. Artificial intelligence, blockchain, cloud computing, and big data are ...

and

business services Corporate services or business services are activities which combine or consolidate certain enterprise-wide needed support services, provided based on specialized knowledge, best practices, and technology to serve internal (and sometimes external) ...

to blue chip clients. This transaction, valued at $2.8 billion, is expected to close during the second quarter of 2017.

Overview

SourceHOV specializes in transactions for international industries including

financial services Financial services are the Service (economics), economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, acco ...

health care Health care or healthcare is the improvement of health via the prevention, diagnosis, treatment, amelioration or cure of disease, illness, injury, and other physical and mental impairments in people. Health care is delivered by health profe ...

public sector The public sector, also called the state sector, is the part of the economy composed of both public services and public enterprises. Public sectors include the public goods and governmental services such as the military, law enforcement, infra ...

organizations,

insurance Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge ...

, and legal organizations. SourceHOV offers

workflow management system A workflow management system (WfMS or WFMS) provides an infrastructure for the set-up, performance and monitoring of a defined sequence of tasks, arranged as a workflow application. International standards There are several international standards- ...

and

(BPO) solutions that enable companies to automate complex, data-intensive transactions. The company's

business transaction management Business transaction management (BTM), also known as business transaction monitoring, application transaction profiling or user defined transaction profiling, is the practice of managing information technology (IT) from a business transaction per ...

services include accounts management, financial, healthcare, insurance and risk management services.

Mergers and acquisitions

References

{{Reflist Software companies based in Texas Multinational companies Companies based in Dallas Software companies established in 2011 Defunct software companies of the United States