Category Archives: News

Konica Minolta Expands Enterprise Content Management Capacity with the Acquisition of DSSI

Move delivers additional Enterprise Content Management (ECM) services and expands the company’s footprint in the western region

Building on its strong imaging heritage and extensive experience in document and content management,  Konica Minolta Business Solutions U.S.A., Inc. (Konica Minolta), today announced the acquisition of Document Scanning Systems and Imaging, Inc. (DSSI). The move will allow the company to enhance its current document management capabilities and increase its customer base in the west, further fueling its fast-growing ECM business. 

Located in Chatsworth, CA, DSSI is a reseller of OnBase® by Hyland and Kofax and leading provider of document scanning services and information management solutions for commercial, entertainment, government and healthcare companies. It is a single-source provider that helps businesses to effectively manage, control and protect their information by creating document workflow programs that save them time and money. Since 1996, it has been providing clients with personalized services using state of the art scanning technology and the latest imaging and database software, supplying customers with cost-effective, customized solutions. 

DSSI will fold into the company’s existing ECM operation and will be led by Les Walker, President, Business Intelligence Services, ECM. 

The synergy between the organizations will provide new opportunities for both entities. Konica Minolta will benefit from DSSI’s diverse customer base and grow its OnBase and BPO scanning services. Additionally, it will receive an advantage from Konica Minolta’s expanded ECM solutions portfolio for both the enterprise and mid markets. 

“This acquisition supports Konica Minolta’s growing ECM practice with a specialty in scanning, enabling us to better serve our customers who are looking to digitize and ultimately manage content for greater efficiency as well as a smarter work environment,” said Kevin Kern, Senior Vice President, Business Intelligence Services and Product Planning, Konica Minolta. “Businesses are realizing that they need to make the change for both security purposes and cost-effectiveness, and we’re here to help businesses of all sizes work smarter and take this initial step to bring their workplace into the future.” 

“We’re very excited to announce that DSSI has now become part of Konica Minolta,” said Tom Talamantez, Division Vice President, DSSI. “For more than 20 years, DSSI has successfully operated as a division of The ACT-1 Group of Companies, but now with this transition into Konica Minolta comes great synergy as we merge the depth of our experience and expertise with the market leader in Enterprise Content Management. Throughout this process, we have been very impressed with the culture at Konica Minolta and the great value placed on its employees. I’m personally very excited for our team to be joining this world class organization.” 


M-Files Acquires Apprento to Bolster Artificial Intelligence Capabilities in Next-Generation Intelligent Information Management Platform

Investment to Incorporate Natural Language Processing and AI Technology
Reinforces Vision to Deliver Smart Yet Simple-to-Use Information Management Solutions

M-Files Corporation today announced the acquisition of Apprento, a Canadian-based provider of artificial intelligence and natural language processing technology solutions.

Apprento technology automatically draws intelligence from text in unstructured content, which streamlines the process of classifying, processing and securing business information while also providing contextual insights on related content assets and workflows. The Apprento Business Context Engine features patent-pending technology that employs natural language processing (NLP) and natural language understanding (NLU) capabilities to understand both semantics and concepts in content and communication systems.

The acquisition of Apprento by M-Files, along with its recently-announced partnership with ABBYY, a global provider of innovative language-based and artificial intelligence technologies, illustrates the company’s focus on automating and simplifying the way business professionals manage information and related processes.

“Business leaders, industry analysts and others who follow our industry all agree that traditional approaches and solutions for managing information are inadequate and that a new and more intelligent approach is required,” said Miika Mäkitalo, CEO at M-Files. “Our acquisition of Apprento coupled with our recent partnership with ABBYY reinforces our commitment to deliver human-like intelligence to the massive volume of unstructured content that resides within disconnected systems and repositories in the typical enterprise.”

“By incorporating the Apprento Business Context Engine into the M-Files platform, we’re delivering powerful artificial intelligence capabilities to current M-Files users as well as setting the foundation for the introduction of many more AI enhancements and tools in the near future,” said Trevor Cookson, CEO at Apprento. “I’m honored to join the forward-thinking M-Files team and I’m looking forward to working with them to simplify and improve how people manage and interact with information.”

In February 2017, M-Files acquired StreamDesign. With the acquisition of StreamDesign, M-Files established its French headquarters that will enable the company to accelerate the growth of its customer base through its growing channel partner network, as well as via direct sales and support activities.



Foxit Software Announces Acquisition of CVISION

Establishes Foxit as the Leading Provider of PDF Compression, Conversion, and Optical Character Recognition

 Foxit Software today announced the acquisition of New York-based CVISION Technologies, a PDF software company.  CVISION efficiently captures PDF documents and optimizes them through fast, accurate optical character recognition (OCR) processes powered by its patented technology.  The company also utilizes advanced file compression technology to streamline PDF file size for more rapid file transmission, faster access to documents on mobile platforms, and cost-efficient document storage. The deal positions Foxit as best-suited to providing the broad range of PDF software solutions that businesses need to effectively manage their documents. 

The acquisition of CVISION builds upon Foxit’s 2015 acquisition of Luratech Software and enables Foxit to gain global leadership in the high volume, enterprise automation market for PDF compression, OCR solutions, and conversion. 

“This acquisition will allow Foxit to combine the best attributes of CVISION’s PDF software with our existing industry-leading solution to give our customers the best of both worlds,” said Carsten Heiermann, CEO of Foxit Europe and the Enterprise Automation business unit.  “For example, CVISION delivers very high OCR accuracy recognition rates by leveraging advanced image processing techniques, so the processing engine is able to better recognize text where other engines fail.”

CVISION has thousands of corporate clients in a wide variety of industry sectors including finance, banking, accounting, legal, education and federal, state and local government. Some of the company’s notable PDF customers include Ford Motor Co., New York Stock Exchange, Chase, GE Power & Water, Bank of America, and Verizon.

The experience that Foxit Software has gained from prior acquisitions will ensure that the integration of CVISION’s PDF intellectual property into the Foxit solution portfolio will be rapid and seamless for all customers, regardless of their size. 

“As always, the satisfaction of our customers will be our highest priority during the integration,” added Heiermann. “Indeed, Foxit Software is known for its high level of customer service and care. The team is confident that the inclusion of the CVISION team will only build on that level of customer engagement. CVISION’s PDF customers can be confident that this acquisition will be beneficial to the ongoing success of their businesses.”

Shortly before the acquisition closed, SoftWorks AI, LLC was created as a separate company to develop and sell the Trapeze family of office automation business products. The new company will be managed by Ari Gross, former president of CVISION.

Xamcor Inc. acted as the sole Advisor to CVISION Technologies for this transaction.


Accenture Acquires Search Technologies to Expand Its Content Analytics and Enterprise Search Capabilities

  • Expanded capabilities will help clients power machine learning solutions, unlock new intelligence from unstructured data.
  • Nearly 200 big data engineers and search experts to join Accenture Analytics

Accenture (NYSE: ACN) has acquired Search Technologies, a Herndon, Virginia-based technology services firm specializing in the design, implementation and management of big data and search analytics. Search Technologies delivers enhanced content analytics capabilities that help clients better understand their business, customers and markets through the combination of transactional and contextual data. By applying artificial intelligence (AI) technologies like machine learning to this type of client data, Accenture can help generate new, more precise insights that drive improved business outcomes. Terms of the transaction were not disclosed.

Search Technologies joins the existing community of data scientists and engineers within Accenture Analytics and will focus on developing and industrializing solutions that make unstructured content – from social media to video to voice and audio – easily searchable to support data discovery, analytics and large-scale reporting. Search Technologies employs nearly 200 big data engineers and search experts from locations across the United States, Costa Rica, Europe and the Philippines.

“With the addition of Search Technologies’ capabilities, we are in an even stronger position to help organizations take advantage of their data, regardless of format, to generate more precise and actionable insights,” said Narendra Mulani, chief analytics officer, Accenture Analytics. “By better understanding the context and sentiment behind transactions, organizations can deliver better customer experiences and business outcomes. Combining Search Technologies’ data engineering expertise with Accenture’s data science, analytics and AI capabilities enhances our ability to help clients become data-native, intelligent enterprises, transforming the way they innovate, compete and grow.”

Search Technologies’ proprietary Content Processing Framework and collection of API-level data connectors – which enable access to unstructured enterprise data across disparate and legacy systems – will be integrated into the Accenture Insights Platform (AIP). This will help clients embed analytics and AI into their business to generate new intelligence at speed and scale. 

Kamran Khan, president and CEO of Search Technologies, will lead a new Content Analytics team within Accenture Analytics. Khan commented: “Both search and big data analytics require a deep understanding of the nature of structured and unstructured content, and the know-how to extract knowledge and business value from the data. We have done this successfully for over 800 customers in industries including e-commerce, publishing, media, financial services, professional staffing and manufacturing. Search Technologies’ vision is very closely aligned with Accenture’s, and this acquisition will help us play a major role in building the future of big data, enterprise search and AI as we integrate our capabilities onto AIP and leverage the scale of Accenture to globalize our offerings.”

As part of the acquisition, a new delivery center will be established in Costa Rica for the 70+ Search Technologies big data engineers based there. Specializing in customer and content analytics, the team will work closely with the Accenture Interactive digital content production and marketing services team to offer clients complementary services and holistic content offerings, as they seek to deal with the explosion of content across multiple channels. The new location will become part of the Accenture Global Delivery Network.



KYOCERA Document Solutions America acquires Databank IMX

Businesses of all sizes expected to benefit from combined expertise, greater resources of DataBank and KYOCERA Document Solutions America.

KYOCERA Document Solutions Americatoday announced the acquisition of DataBank IMX. This acquisition represents an extension of the successful alliance between KYOCERA and DataBank, formed in 2016.  DataBank is the single largest North American reseller of Hyland OnBase, an award-winning global enterprise content management (ECM) solution platform.

For both firms, joining forces represents a significant leap forward in capabilities, bringing together an award-winning business process solutions provider and a global total document solutions provider. Together, they have the financial power to further their investment in the expansion of custom services and advanced document workflow scanning and printing solutions; offering customers a new level of consultative expertise in simplifying complex workflows, managing mission-critical information, and optimizing business performance. In addition, the direct integration of their collective offerings provide a true end-to-end total solutions approach; the net result is the ability to better serve their valued customers.

“Coming together with Kyocera is a tremendous opportunity for our existing and prospective customers,” said Chuck Bauer, CEO at DataBank. “The acquisition will enable us to offer innovative new solutions and services tailored to rapidly changing market needs.”

DataBank is the country’s premier provider of business process automation solutions, with offices across the United States. Since 1991, the company has helped organizations maximize productivity and reduce operational costs by streamlining document, data and workflow business processes. The new relationship with Kyocera will open new service opportunities for DataBank.

As a global leader in document imaging and workflow technology, Kyocera provides an extraordinary range of document imaging hardware, software solutions, and related services. The acquisition of DataBank builds on the company’s expertise in data beyond the document, further supporting its capabilities as a true Total Document Solutions (TDS) provider.

“DataBank has already proven to be an outstanding partner,” explained Yukio Ikeda, President and CEO of KYOCERA Document Solutions America. “We’ve confirmed that not only are we truly complementary partners on a product and service level, but also that we share the same passion and commitment to our customers.  As a combined entity, we can accelerate our own growth as we collaborate on developing new ways to help our customers thrive.”

The business optimization products and solutions created by the acquisition are available to companies and organizations throughout North America. These services are offered through DataBank’s nationwide team of BPI specialists, through Kyocera’s national network of Authorized Resellers, as well as through Kyocera’s Direct Sales Organization, and its Enterprise, Strategic, & National Accounts Division.

OpenText to Acquire Guidance Software

Digital Investigative and Information Security Solutions to Expand Portfolio

OpenText™ (NASDAQ: OTEX) (TSX: OTEX announced today that it has entered into a definitive agreement to acquire Guidance Software (NASDAQ: GUID), the makers of EnCase®, the gold standard in forensic security, that includes digital discovery solutions and endpoint information security.

The acquisition of Guidance is expected to complement the OpenText Discovery portfolio of software and services that provide search, extraction, classification, review and analysis of information, and to broaden OpenText Information Security capabilities through the addition of digital investigation, forensic security, and endpoint solutions. 

Terms of the Agreement
Under the terms of the agreement, a newly formed, wholly-owned subsidiary of OpenText will commence a tender offer for all outstanding shares of Guidance Software for $7.10 per share in cash, for a total equity value of approximately $240 million, less Guidance Software’s cash, for an enterprise value of approximately $222 million. OpenText intends to fund the transaction with cash on hand plus existing short term debt facilities. (1) 

OpenText intends to commence the tender offer for all of the shares of common stock of Guidance Software within 10 business days. Pursuant to the agreement, the tender offer will be followed by a merger to acquire any untendered shares. The tender offer is subject to the tender of a majority of Guidance Software’s shares and certain other customary closing conditions. The transaction is expected to close in the third quarter of calendar 2017.

Upland Software Announces Acquisition of Waterfall International and Raises 2017 Guidance

Upland Software, Inc. (Nasdaq: UPLD) today announced that it has acquired Waterfall International Inc., a leading cloud-based mobile messaging offering.  Waterfall will be combined with Upland’s scalable and secure Mobile Commons mobile messaging solution to create the industry’s most powerful application-to-person mobile messaging platform.  The combined products are now called Upland Mobile Messaging.

“Upland Mobile Messaging is now the industry leader in engaging prospects, customers, and communities with compelling mobile content at an enterprise scale,” said Jack McDonald, Chairman and CEO of Upland Software.  “This combination provides Upland with an unparalleled feature-set that delivers value and deep services expertise to organizations in retail, consumer packaged goods, media and entertainment, healthcare, government, and advocacy.”  

“We look forward to delivering continued value to Waterfall customers through our commitment to 100% customer success,” said Jed Alpert, SVP/GM of Upland’s Digital Engagement product family. “Upland Mobile Messaging is the leading end-to-end, enterprise-grade mobile messaging platform. Robust capabilities include smart campaigns, natural language-based messaging, and multi-channel communications across Facebook Messenger, Android RCS messaging, mobile wallet, and SMS/MMS.”

The purchase price paid for Waterfall was $24.4 million in cash at closing, net of cash acquired, and a $1.5 million cash holdback payable in 18 months (subject to any indemnification claims). The foregoing excludes any potential future earn-out payments tied to additional performance-based goals.  Upland expects the acquisition to generate annual revenue of approximately $9.0 million, subject to reductions for a deferred revenue discount as a result of GAAP purchase accounting. The acquisition is within Upland’s target range of 5-8x pro forma Adjusted EBITDA and will be immediately accretive to Upland’s Adjusted EBITDA per share.

Business Outlook

Upland today also announced that it has raised its full year 2017 guidance to reflect the Waterfall acquisition, raising revenue, recurring revenue, and Adjusted EBITDA guidance ranges. The increase in 2017 revenue guidance below is net of an estimated $0.6 million reduction for a deferred revenue discount as a result of GAAP purchase accounting and all guidance adjustments are prorated for an effective closing date of June 30, 2017.

For the full year ending December 31, 2017, Upland expects reported total revenue to be in the range of $91.2 to $95.2million including recurring revenue in the range of $80.0 to $83.0 million, for growth in recurring revenue of 24% at the mid-point over the year ended December 31, 2016. For the full year ending December 31, 2017, Adjusted EBITDA is expected to be in the range of $28.0 to $31.0 million, for an Adjusted EBITDA margin of 32% at the mid-point, representing growth of 134% at the mid-point over the year-ended December 31, 2016.The transaction will be immediately accretive to Upland’s Adjusted EBITDA per share. Further details regarding the transaction can be obtained in the Form 8-K filed July 13, 2017.

Ephesoft secures $15m Series A Funding from Mercato Partners

Accelerates Rapid Expansion of Machine Learning Business with Investment

Ephesoft Inc. today announced that it has completed a $15 million Series A financing round. Mercato Partners, a growth capital partner, is the exclusive investor in this round. The investment will be used to accelerate Ephesoft’s product development while expanding operations, market presence and sales channels. Joe Kaiser of Mercato Partners will join the Ephesoft Board of Directors as part of the investment.

Founded in 2010, Ephesoft has developed advanced machine learning solutions that capture, extract and analyze unstructured content. The company has over 500 customers globally ranging from financial services, Federal government, insurance, mortgage and healthcare sectors. Over the past 18 months, Ephesoft was named to the Inc. 500 Fastest growing privately held companies in America, received a patent for its machine learning technology applied to unstructured content, was selected for multiple document analytics projects by Federal Intelligence agencies and secured several new seven-figure engagements with leading financial services companies.

“Organizations are struggling with the enormous volume of unstructured content, which represents upwards of 80% of all available content, and is growing at a rate of 43% per year. To provide tangible value, that information needs to be processed and analyzed. Ephesoft’s solutions are disrupting the advanced capture market with a definitive value proposition: apply machine learning to convert these unstructured information streams and repositories into actionable data,” said Kaiser. “We are excited to help advance Ephesoft’s cloud-based approach to content capture and analytics to the public and private sector, especially with the continuing strong innovation in big data, vertical solutions and ease of use in the product portfolio.”

Ephesoft’s Transact and Insight platforms are leveraged by leading financial institutions to fast track mortgage processing and approvals, by government agencies to identify anomalies in over two million background investigations, and by companies across all markets to accelerate invoice approvals, automate patient records, and improve document-driven business processes.

“Mercato’s investment will help Ephesoft realize its vision of liberating meaning through machine learning technology,” said Ike Kavas, Ephesoft’s founder. “We view Mercato as a long-term strategic partner, and we appreciate their experience in helping visionary technology companies accelerate and manage growth. This funding will enable Ephesoft to help organizations improve business outcomes by identifying and rationalizing dark data, then understanding how it impacts their business.”

Xamcor Inc. names Alan Pelz-Sharpe as Strategic Advisor and Associate, continuing its M&A Growth & Success

Xamcor Inc. is pleased to announce that Alan Pelz-Sharpe has joined the company in a newly created role of Strategy Advisor & Associate. Alan will help drive key strategic initiatives to build on Xamcor’s leading position as an M&A Specialist for Information Management Companies.

“We are thrilled that Alan will bring to Xamcor his unique expertise in ECM and a wide range of associated technologies” Paul Carman, Xamcor CEO said. “Alan’s first area of focus will be to expand our visibility and engagement in this turbulent market, including marrying technology startups with more established Information Management vendors.”

“The thing that gets me up in the morning and that has always excited me about ECM is its vital role in driving core business processes,” Alan said. “The ECM and the whole IT market is currently going through a period of intense change and disruption – buyers and sellers alike are looking to strengthen their market positions through forward thinking M&A deals. As a market leader Xamcor is ideally positioned to assist sector companies in leading this change.”

Alan has a distinguished 25-year career, spanning both market analysis and consulting. He is well known in the industry as a provocative author and public speaker who regularly appears in the press. Alan current leads his own advisory firm Deep Analysis and prior to this was responsible for ECM industry research at leading analyst firms 451, Real Story Group & Ovum. Alan is a former board member of AIIM and has over the years advised on growth and exit strategies to many investors and technology vendors in both the US & UK.

Living in Boston, Alan will help serve Xamcor’s global market clients.

About Xamcor
Xamcor provides M&A Services and builds Strategic Alliances for companies in the Information Management industry. Headquartered in New York, Xamcor is managed by principals with broad global relationships who have over 5 decades of M&A and sector experience.  Services include buy-side services, sell-side services, M&A Advisory Services, and Strategic Partnership services, combining experience, teamwork and industry-honed skills to help clients achieve superior business results.  

Top Image Systems Announces Consolidation of the Executive Management Team

Top Image Systems, Ltd. (NASDAQ: TISA) today announced a consolidation of the Executive Management team designed to return the company to profitability and accelerate our plans to transform the business to higher velocity cloud-based process automation solutions, with additional focus on the U.S. market.

Key changes to the Executive Management team include:

  • Yossi Dagan, Chief Financial Officer, has made a decision to pursue other opportunities, however he will remain with the company in a consulting capacity pending the transition of the Chief Financial Officer function to the U.S.;
  • Patti Barton, Vice President of Finance, situated in our U.S. headquarters, will assume interim responsibility as Chief Financial Officer. Patti is a CPA with over 20 years of experience in finance, treasury, SEC reporting and risk management;
  • John McCaffrey has been appointed Vice President and General Manager of TIS Americas. John brings to TIS a wealth of experience and proven track record in building high performance organizations, delivering sustained top-line revenue growth and shareholder value.  John will instill disciplined growth of our U.S. operations that includes sales, services and marketing.  John is a graduate of MIT Sloan School of Management and Princeton University;
  • Michael Schrader, President, will be leaving TIS. The company will work with Michael to implement a consolidation plan in our EMEA operations to ensure a smooth transition of his current responsibilities;
  • Andrew Pery, Chief Marketing Officer, will remain with the company in a consulting capacity.

“These changes to the Executive Management Team are consistent with the restructuring plans we have instituted in 2016 reducing our operating expenses by $4.1 million.  We have further realized consolidation of our U.S. sales and marketing functions into our Plano, Texas operations with an additional reduction of $1 million in our expenses,” commented Brendan Reidy, CEO.   “Going forward, these changes will enable us to build upon and further strengthen our operations in the U.S.; better leverage our extensive installed base of financial services providers, where our solutions process $50 billion in remittance transactions annually; focus our investments on extending our services to cloud-based accounts payables and receivables processing; and at the same time continue to maximize profitability from our core forms processing solutions in EMEA and APAC-J. We are confident that these measures lay the foundation for delivering sustainable growth and shareholder value,” added Reidy.

“We are indebted to Yossi, Michael and Andrew for their service and contributions to Top Image Systems,” continued Reidy. “For 17 years Michael has served in various capacities as the manager of TIS’s German operations, then as CTO/COO/Chief Executive Officer.  Under his guidance the company achieved a leadership position within the capture market.  As CFO, Yossi has implemented rigorous accounting and finance best practices and was instrumental in realizing cost efficiencies and control.  Andrew has developed  and implemented our cloud go to market strategies and digital marketing programs to grow our lead and opportunity pipeline.  We thank them for their service and wish them well in their new endeavors,” noted Reidy.