ACS Continues Buying Spree – Purchases US Ops of Symcor


Affiliated Computer Services (ACS), a division of Xerox (NYSE: XRX), announced plans to purchase the US operations of Symcor, a provider of outsourced financial processing services.

According to reports, ACS will fold Symcor’s check processing and payment processing services into its preexisting current operations. While Symcor is based in Toronto, the sale will be only for the US based operations.

“Expanding our value and efficiency to banks and financial institutions continues to be a priority for ACS,” said Kent Schnacker, executive vice president of ACS’ financial services group.  “As the finance industry evolves and business needs shift, ACS recognizes the need to ensure our customers are positioned for success with a wider range of services.”

With the acquisition, ACS will gain approximately 1,500 employees and 15 service centers.

This acquisition follows closely on the heels of the previously announced acquisition of XL World by ACS and further indicates that Xerox is looking to diversify away from its traditional copier business and more into business process outsourcing and services like those provided by its ACS division.