SourceHOV LLC, Novitex Holdings Inc and Quinpario Acquisition Corp 2 (QPACU.O) agreed to combine in a deal valued at about $2.8 billion, to scale up their businesses in the financial technology and business services industry.

Shareholders of SourceHOV and Novitex are rolling 100 percent of the current equity and will be the majority holders in the new company, to be named Exela Technologies, the companies said on Tuesday.

“Our combination with Novitex fundamentally increases our scale, making us a more strategic partner to customers in their quest for digital transformation,” Ron Cogburn, chief executive of SourceHOV said in a statement.

READ FULL ARTICLE HERE