Author Archives: pcarman

Konica Minolta Announces Leadership Changes To Drive Business Transformation

Company Redistributes Resources to Support Growth Strategy

Ramsey, NJ, (July 9, 2020) Konica Minolta Business Solutions U.S.A., Inc. (Konica Minolta), today announced management changes to support its transformation strategy and extend its global reach in services and technology. The changes are designed to accelerate the company’s digital transformation, leverage its investment in All Covered and enable enhanced custom workflow solutions to better meet customer and market demands.

“I have been inspired by the agility and resilience I have seen throughout the company as we continue to transform our business and extend our global reach. Our office technology and industrial and production printing product areas are key strengths for our organization, and our strategy is solid,” said Rick Taylor, President and CEO, Konica Minolta. “These management changes are intended to strengthen our position in the marketplace and provide our dealer and direct sales organizations with a cohesive leadership structure to better serve customers.”

Sam Errigo will lead the digital transformation strategy within his existing role as Executive Vice President, Sales and Business Development. Kevin Kern will take on a new position as Senior Vice President, Digital Transformation and Emerging Technologies. Kern will be responsible for setting the direction and strategy to accelerate customer adoption of digital transformation, working closely with Konica Minolta’s engineering teams and R&D laboratory. He will also oversee Konica Minolta’s software and solutions planning functions, including emerging technologies such as MOBOTIX smart security camera solutions and BIS operations.

As IT services expands within Konica Minolta’s global portfolio, Todd Croteau, President, All Covered will lead the charge to streamline worldwide operations, unify infrastructure readiness and harmonize the company’s portfolio of services in the IT sector. Croteau will continue to run All Covered, in conjunction with his newly added global responsibilities, and will also oversee Enterprise Content Management to better align the professional services organizations.

Additionally, a realignment of business development resources within Konica Minolta’s graphic communications and industrial print (GCIP) area will strengthen its expansion and presence within the industrial and production print space and support its strategy for exponential growth.

Bill Troxil, Senior Vice President, Industrial and Inkjet Printing, will expand his team to encompass industrial print, embellishment and labeling products, production print support and will maintain responsibility for the AccurioJet KM-1 and KM-1e Inkjet Presses. In his new role, Troxil will oversee all aspects of Konica Minolta’s global partnership with MGI Digital Technology. The strategic alliance established in 2014 allows Konica Minolta to provide embellishment solutions to the packaging and label print sector, including hot foil stamping and embossing equipment in response to the digitalization needs in the professional printing market.

Dino Pagliarello has been promoted to Senior Vice President, Product Management and Planning. In this capacity, he will continue to work on building out an industry-leading product roadmap for printers, office and industrial and production print. With more than 19 years at the company, Pagliarello has accumulated extensive experience in all facets of the business, and works collaboratively with a global engineering team to share his knowledge of the industrial and production print market.

“Production print is going to continue to be a growing area for our organization and we are committed to keeping businesses moving,” said Dino Pagliarello, Senior Vice President, Product Management and Planning, Konica Minolta. “I am incredibly proud of the innovation and determination my team has shown, especially during these challenging times, to help our customers prepare for the commercial print economy recovery.”

Upland Software Acquires Localytics, Raises Guidance

Accretive acquisition adds $20 million in annualized revenues and leading mobile app personalization technology to Upland’s Customer Experience Management Cloud

Upland Software, Inc. (Nasdaq: UPLD) has acquired Localytics, a leading provider of mobile app personalization and analytics solutions. With Localytics, Upland’s Customer Experience Management (CXM) Cloud sets the bar for rich mobile experiences, personalization, and real-time sentiment analysis across every digital channel, including text, mobile app, browser, wallet, voice, and email. The acquisition adds approximately $20 million in annualized revenues and will be immediately accretive to Upland’s Adjusted EBITDA per share.

“It is now vital for brands to deliver seamless, highly-personalized, mobile-focused experiences at key customer touchpoints. The addition of Localytics to our CXM Cloud offering now allows us to offer sophisticated mobile personalization at scale,” said Jack McDonald, chairman and CEO of Upland Software. “Our acquisition pipeline remains robust, and we are actively pursuing additional opportunities to build out our cloud offerings.”

A pioneer in mobile application analytics, Localytics delivers deep insights into consumer behavior within mobile app experiences and provides the foundation for campaigns that convert better and drive customer loyalty. Localytics’ support for interactions with consumers across push, in-app, inbox, and remarketing combined with rich audience segmentation allows marketers to deliver personalized app experiences with high consumer relevance.

“Our CXM Cloud team is on a mission to give our customers the technology and insights to deliver experiences consumers want and value. Localytics’ technology and expertise are powering app experiences that convert at a consistently higher rate across key consumer verticals like telco, media, retail, and consumer finance,” said Jed Alpert, executive vice president and general manager of the CXM Cloud at Upland Software. “Localytics is a perfect addition to our CXM Cloud, the only mobile-focused platform that harnesses the power of messaging, apps, email, and web interactions to serve today’s consumer on their digital channels of choice.”

Technology from Localytics’ mobile app marketing solution will be used to expand to more consumer touchpoints and upgrade the profound insights about consumer behavior and preferences that CXM customers receive today. Innovative mobile application capabilities like geo-based push, in-app notifications, and application inbox messaging combined with rich behavioral data like application usage, location, products viewed, and cart abandonment will allow Upland CXM Cloud customers to tune their mobile app experiences to drive better offer conversion and reduce churn across targeted audiences. Connection to other marketing channels, like email and web, will allow Upland CXM Cloud customers to not only orchestrate journeys across technologies but also choose the communication channels that are most cost effective for their businesses.

The purchase price paid for Localytics was $67.7 million in cash at closing (net of cash acquired), paid out of cash on hand, and a $0.3 million cash holdback payable in 12 months (subject to 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 $20.0 million, of which $19.2 million is recurring, subject to reductions for deferred revenue discount as a result of GAAP purchase accounting, estimated at $4.5 million for the remainder of 2020. The price paid for the acquisition is within Upland’s target range of 5-8x pro forma Adjusted EBITDA and Localytics will generate at least $9.0 million in Adjusted EBITDA annually once fully integrated. The acquisition will be immediately accretive to Upland’s Adjusted EBITDA per share.

Access Announces Seven New U.S. Acquisitions: Adds Markets and Expands Footprint Nationwide

Information management leader continues momentum with 11 U.S. acquisitions in 2019

Access, the world’s largest privately-held records and information management (RIM) services provider, today announced the completion of seven new U.S. acquisitions, including: Apex Information Security, Inc. (Boston, MA); Business Data Record Services, Inc. (Minneapolis, MN); CompuVault, Inc. (St. Louis, MO); Data Logic Services (Houston, TX);  the RIM business of EDM Americas Inc. (Scranton/Wilkes Barre, PA. and 12 other locations); Underground Records Management, LLC. (Columbia, MO) and ABC Business Records Center, Inc. (Kansas City, MO).  With the acquisitions announced today, Access completed a total of 11 acquisitions in the U.S. during 2019.

“Our 2019 acquisitions represent a major milestone in our company’s continued growth, expanding our locations in the U.S. to five new geographic markets, making our services even more broadly available,” said Rob Alston, CEO of Access.  “We remain committed to advancing how the world manages information with the very best service worldwide, not only with these 11 U.S. acquisitions in 2019, but with additional strategic acquisitions in Canada and South America.”

John Chendo, President and Co-Founder of Access added, “We closed out 2019 with a total of 19 acquisitions worldwide for the year, each of which has been an excellent fit with our business and growth strategy.  We continue to pursue investments like these to expand aggressively in 2020 and beyond.”

Access recently acquired the record storage and related services business of EDM Americas Inc., a leading provider of digital mailrooms, business process automation and information management solutions, expanding Access’ U.S. geographic footprint to now include Scranton/Wilkes Barre, PA, Louisville, KY and Columbia, SC, along with adding to its operations in Los Angeles, CA, Minneapolis, MN, Hartford, CT, Washington, D.C., Indianapolis, IN, Jacksonville, FL and Houston, TX. A number of these facilities are NARA certified, strengthening Access’ ability to serve the highest levels of records and document storage requirements including for the federal government.

Earlier in the year, Access announced the acquisitions in the U.S. of Montaña & Associates (Denver, CO); Archives Security, Inc. (Birmingham, AL), Matrix Record & Storage, Inc. (Baltimore, MD) and Rover Records Management, LLC. (Sterling, VA).  Montaña & Associates is a leader in information governance (IG) consulting that specializes in retention policy and schedule creation, along with holistic IG support, including compliance and data privacy. It also developed LexiTrac, one of the most comprehensive information governance software tools available, which identifies the legal requirements for records that an organization faces and enables crafting of defensible records retention schedules for compliant operations.

The Access team is led by CEO Rob Alston and President John Chendo, two veterans of the records management industry. The Access team has built a dynamic and well-respected company based on a strategic acquisition program coupled with a focus on driving organic growth and adding new capabilities through offerings such as CartaDC, a cloud-based document management solution that helps companies focus on security, compliance and efficiency.

Kyocera to acquire leading French ECM solutions provider Ever Team Software SAS

Kyocera Document Solutions Inc. (herein “Kyocera”) and Ever Team Software SAS (herein “Everteam”) announced that Kyocera and Everteam’s shareholder (Ever Team Innovation SAS) have entered into an agreement allowing Kyocera to acquire all outstanding shares of Everteam, a French-based provider of enterprise content management※1 (ECM) solutions. With this acquisition, Kyocera aims to strengthen its ECM business in the European market, and further expand the business globally.

As a pioneer in the ECM market with approximately 30 years of experience, Everteam possesses high capabilities to develop reliable ECM software, and additionally offers advanced technologies such as automatic natural language processing (NLP) by combining its expertise and technological innovations. Teams in France and Switzerland support the implementation of ECM solutions for customers in a wide range of industries, including leading global companies.

By combining Everteam’s cutting-edge solutions with its current ECM lineup, Kyocera hopes to meet diverse needs with a broader portfolio and contribute to the development of its customers’ businesses. Everteam will continually develop its business as an independent company within the Kyocera Group and maintain their existing operations.

KYOCERA to acquire cutting-edge ECM solutions provider OPTIMAL SYSTEMS

Kyocera Document Solutions Inc. (herein “Kyocera”) and OPTIMAL SYSTEMS GmbH (herein “OPTIMAL SYSTEMS”) announced that they have signed a contract on 27 December 2019 allowing Kyocera to acquire shares of OPTIMAL SYSTEMS. Kyocera consistently continues its document management transformation and, with the acquisition of OPTIMAL SYSTEMS, now extends its range of services to include high-quality information management.

OPTIMAL SYSTEMS is one of the leading German, owner-managed providers of enterprise content management software (ECM). More than 450 employees in Germany, Austria, Switzerland and Serbia, support the installations and ECM solutions of several thousand customers, some of which are operated worldwide.

Apart from almost 30 years of experience in software development, OPTIMAL SYSTEMS’ core competences include broad experience in providing ECM solutions to all possible verticals in the market along with different levels of software-related services. OPTIMAL SYSTEMS’ high technical integration competence, individualization and personal expertise have proven to be particularly valuable.

OPTIMAL SYSTEMS offers a wide range of software solutions, thus perfectly rounding off the Kyocera group’s enterprise content management portfolio. Kyocera hopes that this investment will enable it to offer its customers more than before with a broader portfolio, thus opening up new customer groups. OPTIMAL SYSTEMS will remain independent and will continue to operate unchanged.

Norihiko Ina, President of Kyocera Document Solutions Inc. : “Thanks to the cooperation, we can now offer new, optimally tailored consulting, hardware, software and services at any time, regardless of location, to make our customers’ business processes even more efficient.

Karsten Renz, founder and CEO of OPTIMAL SYSTEMS GmbH, says about the purchase: “We are absolutely convinced that we will grow faster internationally within the Kyocera group, because we can now additionally offer our ECM know-how to Kyocera customers in order to significantly support their digitization processes. Developing economical, customer-oriented solutions is part of the mission statement of both companies. Following this philosophy, OPTIMAL SYSTEMS and Kyocera complement each other perfectly.”

Streamline Health(R) Announces Signing of Definitive Agreement to Sell Enterprise Content Management (ECM) Business to Hyland

Streamline Health to Use Proceeds to Accelerate eValuator™ Sales and Product Development

Streamline Health Solutions, Inc. (NASDAQ:STRM), provider of integrated solutions, technology-enabled services and analytics supporting revenue cycle optimization for healthcare enterprises, today announced it signed a definitive agreement to sell its legacy Enterprise Content Management (ECM) business to Hyland of Westlake, Ohio.

Streamline Health plans to use the proceeds of the sale to pay off its term loan with Bridge Bank and to fund continuing development and incremental investment in sales and marketing in support of its eValuator™ cloud-based pre- or post-bill coding analysis platform.

The closing of the transaction is subject to customary closing conditions, including the approval of the transaction by Streamline Health’s stockholders, and the company expects the transaction to close on or around the end of its 2019 fiscal year, which is January 31, 2020.

Streamline Health, through its eValuator technology, is leading an industry movement to improve healthcare providers’ financial performance by moving mid-to-late revenue cycle interventions upstream, optimizing coding accuracy for every patient encounter prior to bill submission. By improving coding accuracy before billing, providers can reduce lost revenue, mitigate overbilling risk, and reduce denials and days in accounts receivable. This enables providers to turn unpredictable revenue cycles into dynamic revenue streams. In addition, providers can leverage eValuator’s capabilities to improve the efficiency of post-bill audits by focusing only on those records with the greatest financial impact or propensity to be less than 100 percent accurate.

Hyland Healthcare provides connected healthcare solutions that harness unstructured content at all corners of the enterprise and link it to core clinical and business applications such as electronic medical records (EMR) and enterprise resource planning (ERP) systems. Hyland Healthcareoffers a full suite of content services and enterprise imaging tools, bringing documents, medical images and other clinically rich data to the right healthcare stakeholders at the right time, when and where they need it .

Hyland Healthcare’s comprehensive view of patient information accelerates business processes, streamlines clinical workflows and improves clinical decision making. By providing complete patient information, clinicians can focus on patient care rather than searching across disparate digital – or even paper – archives, ultimately creating an improved experience for both patients and providers.

“We firmly believe the future market opportunity for software and services designed to help healthcare providers deal with the challenges they face in the middle of their revenue cycle is greater than the replacement market for our legacy solutions,” stated Tee Green, President and Chief Executive Officer, Streamline Health. “Velocity comes through laser focus on primary objectives and upon closing of this transaction, the net proceeds will enable Streamline Health to retire all existing bank debt and become a fast-growing entrepreneurial company with approximately $9to $10 million on our balance sheet to amplify support of our eValuator solution.

“We appreciate the partnership that we have enjoyed with our many long-time ECM clients and know they will benefit from the breadth of content services capabilities available to them with Hyland Healthcare.”

“Adding Streamline Health’s ECM business to the Hyland Healthcare portfolio will further our mission of helping healthcare organizations improve the lives of patients and enhance the experiences of healthcare consumers around the world,” said Bill Priemer, President and Chief Executive Officer of Hyland. “Over the past 28 years, Hyland Healthcare has grown significantly by pursuing our vision to be the world’s leading content services provider, known not just for our innovative technology, but for our customer focus and workplace culture as well. We firmly believe that bringing Streamline Health’s ECM business into the fold will make for the best possible outcomes for our customers and the people they serve.”

Thompson Street Capital Partners Acquires Data Dimensions from HealthEdge Investment Partners

Thompson Street Capital Partners, a St. Louis-based private equity firm focused on investing in founder-led, middle-market business, has acquired Data Dimensions, a provider of business process automation solutions, from HealthEdge Investment Partners.

The amount of the deal was not disclosed. The investment aims to enhance the company’s opportunities for growth in the coming years.

Led by President and CEO Jon Boumstein, Data Dimensions is a leader in the P&C insurance, financial services and government industries, providing data and document management automation services to many of the nation’s largest insurers, mail order pharmacies, manufacturers and government agencies.

Since 1982, the company provides a complete range of outsourcing and professional services including mailroom management; document conversion services; data capture with OCR/ICR technologies; physical records storage and electronic retrieval services through state of the art Tier III data center.

HealthEdge is an operating-oriented private equity firm founded in 2005 that focuses exclusively on the healthcare industry.

Software Converges with Hardware: Infosource Acquires HSA

Leading research firm Infosource expands its breadth with the acquisition of Harvey Spencer Associates 

Document hardware market research firm Infosource today announced the acquisition of Harvey Spencer Associates Inc. (HSA), the premier market analyst company for the worldwide Capture Software market. The result is a leading analyst firm covering the breadth of the document hardware and software markets worldwide. With the acquisition of New York based HSA, Infosource, which is based in Switzerland, has created a new corporation—Infosource (USA) Inc.

Infosource has built a reputation as a trusted provider of data led market intelligence on hardware – printer, MFP and scanner markets. HSA is recognized as an authority in business process input software research. Infosource will now be able to provide strategic market insights for both business process software and hardware industries. Combining the strong competencies of both companies will position Infosource with a unique ability to provide tailored research and analysis of the technologies driving the office automation market that is at the heart of transforming business operations.

Company director, Johann Hoepfner said, “We are delighted to expand the highly sophisticated Infosource knowledge base into the area of software market analysis. The combined competencies of Infosource and HSA will go a long way towards expanding our coverage worldwide with market assessment of technology that is enabling digital transformation. Through our market research and our management conferences (geared towards technology leaders) we look forward to providing our clients with the most strategically focused research available today both in the Americas and Europe.”

With competencies in capture software (a market that is now estimated to be worth $5 billion) and hardware, Infosource will provide detailed analysis by use-case and market segments. Market forecasts will integrate hardware and software trends for a more complete future state of the market.  With these new capabilities, Infosource will provide data and strategic advice to the capture and document management markets as well as those seeking to move from paper to digital operations.

“Through the uniting of forces with Infosource, we see an opportunity to better serve both HSA and Infosource clients with a broader knowledge base extending from detailed software market analysis into the realm of the office automation hardware market,” says HSA President Harvey Spencer.  “This combination will provide clients with broader market understanding and expand worldwide geographic coverage.”   Clients will have the ability to access expanded services including: strategic marketing advice, detailed market reports, hardware & software market data, and consultative services.  In addition to the market knowledge that the Infosource Interactive Service brings, clients will be served by intimate knowledge of opportunities presented through market understanding of cloud services, containerized micro-services, robotic process automation (RPA), and machine learning—which have been identified by HSA as Capture 2.0 and carry a potential market value of $32 billion.   

enChoice Announces Merger with Adjacent Technologies

A Powerful Synergy of Content Solutions

enChoice, Inc. today announced the successful completion of their merger with Adjacent Technologies. This merger creates a powerful synergy of experts and solutions, helping customers accelerate their digital transformation by leveraging content and optimizing business processes.

Dave Parks, CEO of Adjacent Technologies and Tony White, CEO of enChoice sign the merger agreement.

The combined company will operate under the enChoice, Inc. brand, with plans to relocate their headquarters to Austin, Texas while maintaining current offices in Tempe, Arizona and Shelton, Connecticut.

enChoice will now provide solutions and support across the full spectrum of enterprises from mid-market to large scale entities. In particular, the merged group will concentrate on solutions leveraging the IBM Digital Automation (DBA) platform and a variety of ERP systems including Microsoft Dynamics.

Tony White, CEO of enChoice commented, “This merger, coupled with our recent acquisition of Image Tag, propels enChoice into a prime position to become a significant player in the Digital Transformation market, across a wide range of customers and technologies. enChoice plans to continue our aggressive growth strategies, both organically as well as through further acquisitions.”

Dave Parks, CEO and founder of Adjacent Technologies added, “Adjacent Technologies is excited to become part of the enChoice family. Our vision and goals are completely aligned, and our team brings significant capabilities and experience to the group which will enable us to leverage industry-leading capabilities such as a subscription model, cloud-based solutions and managed services. The critical mass we have achieved will allow us to accelerate our growth and enhance our profitability, while providing our collective customers with a larger and stronger team of experts and solutions.”

OpenText to Acquire Carbonite, Inc.

Cloud Based Data Protection and End-Point Security Solutions to Expand OpenText’s EIM Leadership

OpenText™ (NASDAQ: OTEX) (TSX: OTEX) today announced that it has entered into a definitive agreement to acquire Carbonite, Inc. (NASDAQ: CARB) (“Carbonite”), provider of cloud-based subscription data protection, backup, disaster recovery and end-point security to small and medium-sized businesses and consumers.

“Cloud platforms and secured, smart end-points are essential Information Management technologies as businesses transform into Industry 4.0,” said Mark J. Barrenechea, OpenText CEO & CTO. “This acquisition will further strengthen OpenText as a leader in cloud platforms, complete end-point security and protection, and will open a new route to connect with customers, through Carbonite’s marquee SMB/prosumer channel and products. We are very excited about the opportunities that Carbonite will bring, and I look forward to welcoming our new customers, partners and employees to OpenText.”

“We entered Fiscal 2020 with a solid balance sheet and we are off to a strong start with the announced acquisition of Carbonite as part of our Total Growth strategy,” added OpenText EVP & CFO, Madhu Ranganathan. “We are excited by the opportunity to bring forth exceptional leadership in operational execution and integration capabilities to Carbonite. Once integrated, we expect to increase our annual recurring revenues, deliver strong cloud growth, and expand cloud margins and adjusted EBITDA. The resulting growth in cash flows will enable us to maintain a healthy balance sheet, deliver strong earnings, and continue to deliver consistent growth in dividends to shareholders.”

OpenText CEO & CTO, Mark J. Barrenechea and OpenText EVP, CFO Madhu Ranganathan will host a conference call today at 9:00 a.m. Eastern Time to discuss today’s announcement. Conference call details are included further below.

The acquisition of Carbonite is expected to extend OpenText’s leadership in the Enterprise Information Management (EIM) market by complementing OpenText’s security offerings in data loss prevention, digital forensics, end-point detection and response with the addition of Carbonite’s data protection and end-point security solutions. The acquisition also adds significantly to OpenText’s Cloud business and further complements OpenText’s routes to market, strong enterprise customer base in the Global10K, enhanced SMB and prosumer markets. 

About the Transaction and Terms of the Agreement:

– Tender offer to be commenced for all outstanding Carbonite shares for $23.00 per share in cash(1)

– Total purchase price of approximately $1.42 billion, inclusive of Carbonite’s cash and debt

– Total purchase price is approximately 2.8x TTM (Trailing Twelve Months) Carbonite GAAP revenues (as of September 30, 2019), inclusive of annualized full year reported Webroot GAAP revenues, a significant acquisition which closed in March 2019

– Expect significant expansion of cloud revenues, cloud margins, adjusted EBITDA and cash flows in Fiscal 2021

– Current Carbonite Annual Recurring Revenues (ARR) of 90%

– Accretive, and targeting to be on the OpenText operating model by end of Fiscal 2021

– Funded with OpenText’s existing cash on hand and revolver

– Estimated OpenText net leverage ratio at closing of approximately 2.5x, with a target to return to less than 2x net leverage during the 4-6 quarters post close of transaction

– Financial projections and target models will be provided upon closing of transaction

– Expect the transaction to close within 90 days of this announcement

OpenText, through a wholly-owned subsidiary, intends to commence the tender offer for all of the shares of common stock of Carbonite 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 Carbonite’s shares and certain other regulatory approvals and customary closing conditions. The transaction is expected to close within 90 days.