Terminal Data Agrees to Dallas Firm’s $25-Million Buyout

Terminal Data Corp., a Moorpark producer of document-storage systems for financial firms and other customers, has agreed to be acquired by a Dallas company, BancTec Inc., for a reported $25 million in cash.

The fate of TDC’s 180 employees is undecided, a BancTec official said, but a TDC source, who requested anonymity, said its manufacturing operations will probably be moved to Oklahoma City, with some employees being offered a chance to relocate.

“The deal isn’t official yet, so I wouldn’t want to comment on that,” said Gary T. Robinson, the Texas firm’s vice president and chief financial officer.

BancTec, which claims to be the leading maker of high-speed equipment for recording financial transactions, has a large plant in Oklahoma City and also has plants in Dallas and Puerto Rico. The company has 2,000 employees and had revenues of $233 million in the fiscal year that ended March 31.

TDC, founded in 1968, had sales of $20.1 million in the year that ended Sept. 30, down slightly from the previous year. But the Moorpark concern has been plagued by red ink, losing $3.2 million in fiscal 1993 and $532,000 in fiscal 1992.

“Our greatest interest in TDC is its new products,” Robinson said. Among other image-capturing devices, he said, TDC has developed an advanced system for processing full-page financial documents.

The definitive agreement calls for BancTec to pay $3.38 a share for TDC’s outstanding stock and also to pay cash for its debentures and other obligations. TDC’s shareholders are scheduled to vote on the merger in a special meeting Jan. 14.