Xerox Completes Acquisition of Advectis, Inc.; Launches Xerox Mortgage Services
Press release from the issuing company
ROCHESTER, N.Y., & ATLANTA October 2007 - Xerox Corporation has completed its cash acquisition of Advectis, Inc. for $32 million.
Advectis' technology is one of the mortgage industry's most widely-used solutions for electronic document collaboration. This purchase expands Xerox's expertise in automating work processes, helping customers in document-intensive businesses like lending and finance to reduce costs and simplify how work gets done. In a predominately paper-based industry, Advectis' Web-based BlitzDocs Collaboration Suite helps lenders, brokers and investors manage the process needed to underwrite, audit, collaborate, deliver and archive loan documents electronically.
A BlitzDocs electronic loan folder mirrors the paper loan folder used today but improves efficiencies in the loan cycle, allowing mortgage participants to view and process online documents. Clients benefit from a network with more than 35,000 broker shops and the top seven mortgage insurance companies.
Advectis was founded in 2000 and currently employs about 41 people, who now join Xerox. Former Advectis CEO Greg Smith now becomes vice president and general manager of Xerox Mortgage Services, the newly formed unit in Xerox Global Services focusing on innovative document management and collaboration services customized for the mortgage industry. Smith will report to John Kelly, president of Xerox Global Services, North America.
Through its acquisition strategy, Xerox is identifying successful companies in niche markets that align with Xerox's commitment to innovation and reducing the complexity of document management. Last year, Xerox acquired Amici LLC, a leading provider of e-discovery services, primarily supporting litigation and regulatory compliance, and XMPie, which provides variable information software for the graphic arts and marketing industries.
Xerox Mortgage Services will be featured at Booth 1004 at the Mortgage Bankers Association Annual Convention & Expo in Boston, October 14-17.
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