WASHINGTON, Nov. 20 /PRNewswire/ -- Axiant LLC, a leading provider of integrated legal collections services, announced today that it has signed a binding agreement to be acquired by NCO Group, Inc. ("NCO"), a leading provider of accounts receivable outsourcing services.

Kevin Keleghan, CEO of Axiant, stated that, "Combining our resources with the litigation services already offered by NCO will create a dominant force in the legal collections market. Axiant's unique working relationship with Mann Bracken, the largest collection law firm in the United States, in conjunction with NCO's technology driven Attorney Network platform should maximize our clients' performance and create opportunities for many of our associates."

Michael Barrist, Chairman and CEO of NCO, stated, "Combining Axiant, which has a strategic relationship with Mann Bracken, to our company enhances our suite of service offerings and furthers our strategy of expanding our litigation capabilities. This combination, in conjunction with our recently announced purchase of Total Debt Management, clearly defines NCO as a leader in the consumer litigation arena."

To facilitate this transaction, Axiant has today commenced chapter 11 bankruptcy proceedings in Delaware, in which the sale of Axiant's assets to NCO will be subject to higher and better offers at an auction and to the approval of the Bankruptcy Court.

Closing is expected in the first quarter of 2010 and is subject to satisfactory completion of due diligence, the execution of a definitive agreement and other conditions.

SOURCE Axiant LLC