ACS, which is part of Xerox Corp., is buying the U.S. operations of Symcor Inc. in a move to broaden its financial services capabilities. Terms were not disclosed.
ACS said Tuesday that it will fold Symcor's U.S. check and payment processing services into its current operations, which will help businesses with their transition from paper-based payments to electronic payments.
Privately held Symcor is based in Toronto. Its offerings range from cash management services to statement and check processing.
Xerox, based in Norwalk, Conn., is a printer and copier company. Last week the company announced that it received a $103 million printing and technology services contract from the Department of Defense.
Xerox shares closed at $6.72 on Monday, just above their 52-week low of $6.69. They are 45 below their 52-week high of $12.08 set on Dec. 13, 2010.