We're currently putting together a story on some of the success that Top Image Systems is having in the European and Far Eastern market. Of course, we've arleady discussed TIS' North American success as a partner with J&B Software. In the European market, TIS is enjoying success in three distinct areas: invoice capture, the corporate mailroom, and national posts. This press release that came out today discusses a deal with Swiss Post, PostLogistics that involves parcel sorting. Overall, TIS, which is like a $25 million company at best, expects to receive $4 million in revenue from postal-realted applications over the next year. The company is also ramping up its Far Eastern business- transitioning toward enterprise applications from lower-margin batch capture sales, which were the specialty of AsiaSoft, the comany it acquired a couple years back. (go to page 7)
Also, in today's news, JFL Peripheral Solutions, a Visioneer subsidiary that specializs in scanner drivers, has announced a SANE driver for Visioneer scanner. This enables Visioneer scanners to run with Linux and other open source applications. Apparrently, a TWAIN 2.0 driver, which also supports Linux (see page 3), is on the way.
Wednesday, September 30, 2009
Monday, September 28, 2009
Xerox buys ACS
Wow! Another hardware vendor jumps on a major outsourcing provider. Xerox, the $17 billion copier and document processing giant has acquired $6.5 billion outsourcing roll-up ACS. ACS, of course, has a huge document-centric outsourcing practice, but does all sorts of other outsourcing as well. Its current CEO Lynn Blodgett, is a former data entry outsourcing specialist, whose history actually goes back to Unibase, where he worked with current Kofax CEO Reynolds Bish.
Over the past couple years, ACS has generated more than $500 million in cash each year, but it also has $2 billion in debt that Xerox will assume. According to the Wall Street Journal, "Xerox's deal values ACS shares at $63.11 each, a 34% premium to Friday's closing price and 55 cents below the stock's record high set in February 2006. Holders would get $18.60 and 4.935 shares of Xerox for each ACS share. Xerox also will assume $2 billion of ACS debt and issue $300 million of convertible preferred stock."
The deal should make Xerox a $22 billion company with some $10 billion in worldwide service revenue. ACS' international revenue was very limited, like $.5 billion annually, while Xerox has a more mature international services business, so there should be some synergies there.
Here's a line from the presentation give by Xerox, "The lines between business process
and document management are blurring." - which makes a lot of sense. We've talked a lot recently about enterprise capture and how it needs to feed several areas of an organization, presumably with different workflows. Of course, the same can be said for document output world, where Xerox also plays.
The acquisition, of course, follows, HP's acquisition of EDS and Dell's of Perot Systems, so it's all pretty fascinating. Does this mean that people like Kodak and Fujitsu will buy document imaging service bureaus? BancTec and Scan-Optics have already started down this path.
Ralph
Over the past couple years, ACS has generated more than $500 million in cash each year, but it also has $2 billion in debt that Xerox will assume. According to the Wall Street Journal, "Xerox's deal values ACS shares at $63.11 each, a 34% premium to Friday's closing price and 55 cents below the stock's record high set in February 2006. Holders would get $18.60 and 4.935 shares of Xerox for each ACS share. Xerox also will assume $2 billion of ACS debt and issue $300 million of convertible preferred stock."
The deal should make Xerox a $22 billion company with some $10 billion in worldwide service revenue. ACS' international revenue was very limited, like $.5 billion annually, while Xerox has a more mature international services business, so there should be some synergies there.
Here's a line from the presentation give by Xerox, "The lines between business process
and document management are blurring." - which makes a lot of sense. We've talked a lot recently about enterprise capture and how it needs to feed several areas of an organization, presumably with different workflows. Of course, the same can be said for document output world, where Xerox also plays.
The acquisition, of course, follows, HP's acquisition of EDS and Dell's of Perot Systems, so it's all pretty fascinating. Does this mean that people like Kodak and Fujitsu will buy document imaging service bureaus? BancTec and Scan-Optics have already started down this path.
Ralph
Friday, September 25, 2009
TIBCO Beats Street
A good sign for the BPM market, where many document imaging companies are moving their focus. Another good sign is that TIBCO noted strong performance in the financial services sector - a recovery trend which was discussed at the recent Harvey Spencer Associates Capture conference.- mainly offline, but somewhat by presenter Rich Payne, a VP and ECM manager at Carolina First bank. Payne indicated that his bank, at least, has money to spend, but he stressed that salespeople have to sell him benefits and not technology. He cited the bank's current distributed capture initiatives which reduce courier costs...
Thursday, September 10, 2009
OCR Invoice Market Penetration
After Kofax just paid $30 million for an ERP-workflow specialist, we got to wondering how far penetrated the maturing market for invoice capture was. Henry Ijams of Paystream has it at about 16% for IDR adoption among Fortune 1000 companies with 45% having some sort of imaging for processing paper invoices.
Wednesday, September 09, 2009
HSA Capture Conference 2009
Out here at Harvey's annual Document Capture Conference. Despite some trepidation about attendance being down because of the economy, it looks like the HSA staff has pulled together another strong group of attendees. Companies represented include:
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Tuesday, September 08, 2009
Kofax Makes Acquisition, Reports year-end results
Kofax has become the latest capture vendor to add ERP-based invoice workflow to its invoice capture portfolio, with the recent acquisition of 170 Systems. 170 Systems seems to compete with Ebydos, which ReadSoft bought a number of years back and which really helped catapult the Swedish document capture specialist into a leadership role in the market for SAP-based invoice capture. As Kofax moves upstream, it certainly want to challenge ReadSoft and Open Text, which had a workflow product and bought a capture company last year. Capture specialist BancTec also announced a new workflow partner for invoice capture recently.
Also, Kofax recently reported its fiscal 2009 year-end (June 30) results. They came in with the revised expectations.
Also, Kofax recently reported its fiscal 2009 year-end (June 30) results. They came in with the revised expectations.
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