Nuance acquires eCopy
Wednesday, October 07, 2009
Press release from the issuing company
BURLINGTON, MA - Nuance Communications, Inc. today announced that it has acquired eCopy, a leading provider of solutions that integrate paper documents into business software applications. The acquisition of eCopy combines Nuance's multifunction printer (MFP) desktop solutions and eCopy's server offerings to deliver network scanning solutions that connect the widest range of MFPs to a broad set of business applications and content management systems.
eCopy's network scanning solutions are offered by leading MFP vendors - including Canon, HP, Konica Minolta, Océ, Ricoh, Toshiba and Xerox - providing organizations with an intuitive touch-screen application that has a consistent user experience across devices. eCopy's solutions support document connectivity to more than 100 enterprise applications, such as Microsoft SharePoint, EMC Documentum, Oracle and SAP, adding value to an organization's existing investments in database, CRM, content management, legal, accounting and financial solutions.
"Nuance and eCopy share a vision of connecting MFP devices to a wide range of applications in an easy and productive way," said Robert Weideman, general manager and senior vice president of the Nuance Document Imaging Division. "eCopy has earned a strong reputation for quality and innovation, and its team is respected for providing high levels of customer and partner service. We look forward to welcoming eCopy to the Nuance organization."
A growing number of organizations are combining scanning software with intelligent MFP devices to increase productivity and reduce costs by creating efficient document workflows. This allows organizations to easily move invoices into accounting systems, contracts into practice management systems, patient records into electronic medical records (EMR) systems, and office documents into content management systems. In order for these workflows to be successful, MFP scanning solutions must be easy to use, provide robust document processing capabilities, and support a variety of content management systems and business applications.
"The MFP industry is poised to benefit greatly from our mutual focus on delivering integrated solutions that solve real business problems for customers," said Edward Schmid, eCopy president and CEO. "The combination of eCopy and Nuance creates an organization that can drive the expansion of this opportunity, and is an important advancement for our MFP partners and customers. We are pleased to join the Nuance team and help fulfill our objective of putting paper to work."
The combination of Nuance and eCopy results in:
* Premier Desktop and Server Products - The combination of Nuance's MFP desktop solutions and eCopy's products - ShareScan, ScanStation and PaperWorks - result in scanning solutions that maximize gains in productivity and cost savings and provide MFP partners with an ability to deliver valuable solutions to more customers and prospects.
* Strong OEM Channels - Nuance and eCopy have developed innovative solutions for, and strong partnerships with, the most extensive list of leading MFP vendors in the industry, including Brother; Canon; HP; Konica Minolta; Océ; Ricoh; Sharp; Toshiba; Xerox and others. The combination of the two companies will serve to enhance these vendor partnerships worldwide and deliver greater value to all OEM and channel partners.
* Expanded Reach for Desktop Solutions - eCopy has developed an effective sales team that supports channel partners within enterprise accounts, with customers that include BP; Cisco Systems; GE; Nissan; SAAB; Siemens; Sony Corporation; Sprint; Verizon Wireless; and Yahoo!. In addition, these solutions are used by more than half of the largest law firms in the U.S., providing a complementary channel and growth opportunity for Nuance PDF Converter Professional, OmniPage and PaperPort desktop products.
* Enhanced User Experiences - The addition of eCopy supports Nuance's strategic vision to deliver high-value solutions that enhance user experiences and streamline business processes through the use of accurate recognition technologies - speech, imaging and touch.
The acquisition is a natural extension of Nuance's existing document imaging business, and will enhance profitability within the division. Under the terms of the agreement, net consideration was approximately $54 million in Nuance common stock. The acquisition will be accretive on a non-GAAP basis in Nuance's fiscal 2010.