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3i Infotech to Buy J.P. Morgan Treasury Services' Retail Lockbox Ops
IT News Online Staff
2009-04-30
3i Infotech Ltd., a provider of IT solutions, announced that it has entered into an agreement to acquire J.P. Morgan Treasury Services' national retail lockbox business (NRLB).
3i Infotech said its Regulus Group is currently the largest outsourced remittance processing provider in the U.S. and this acquisition will further strengthen that position.
The company said virtually all J.P. Morgan Treasury Services NRLB employees have been offered positions with Regulus.
Between its newly acquired and existing facilities, Regulus will process more than 700 million payments annually once the acquisition is complete.
"We're excited about partnering with J.P. Morgan Treasury Services on a deal that enables both organizations to align their respective core business processes," said Kathy Hamburger, CEO and president of 3i Infotech North America.
"For 3i Infotech and our Regulus unit, this agreement is ultimately about helping our customers achieve greater operational efficiencies and drive value within the revenue chain," added Hamburger.
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