History
Founded in 1972, BancTec released its first product, the CheckMender, in 1973. The CheckMender, the first device of its kind, repaired checks rejected by high-speed reader/sorter by affixing a HeatStrip material for manually re-encoding and processing. In 1980, BancTec successfully completed an initial public offering and was listed on NASDAQ as BTEC.
In 1995, we merged with Recognition International, Inc., nearly doubling our revenue and workforce. Later that year, the company took its position on the New York Stock Exchange, trading under the symbol BTC.
On July 22, 1999, BancTec, Inc. was taken private by Welsh, Carson, Anderson & Stowe ("WCAS"), one of the oldest, largest and most successful private equity investment firms in the United States.
On June 27, 2007, BancTec completed a recapitalisation of its common stock to strengthen its financial position and enhance its ability to invest in and pursue strategic growth opportunities. This transitioned the company from a private company with a single major investor to multiple owners, many of which are institutions focused on companies, such as BancTec, who have growth potential in our industry.
