Stamford’s Novitex merging with two others to create IT colossus

By Kevin Zimmerman

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Stamford-based Novitex, Irving, Texas-based SourceHOV and St. Louis-based Quinpario Acquisition Corp. 2 are combining in a $2.8 billion transaction that will create a 23,500-person colossus providing IT services to more than 3,500 customers in 55 countries. The combined entity, called Exela Technologies, expects to close the merger in the second quarter.

According to the three firms, the post-merger company will be working with the world’s largest financial services organizations, insurance payers, healthcare providers, law firms, government entities and commercial enterprises, with its technology-enabled services embedded in more than 60 percent of the Fortune 100.

Novitex, a provider of technology-driven managed services, is owned by certain funds managed by affiliates of Apollo Global Management LLC, which acquired it from Pitney Bowes in 2013 for $400 million in cash. SourceHOV is majority-owned by HandsOn Global Management LLC and affiliates, and provides transaction processing solutions and enterprise information management solutions. Quinpario is an affiliate of investment and operating company Quinpario Partners LLC.

The combined company is expected to have approximately $1.5 billion in revenue in 2017.

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