All posts by Bruce Bolton

Thoma Bravo to Acquire Lexmark’s Enterprise Software Business

San Francisco, CA – May 3, 2017 – Thoma Bravo, a leading private equity firm, today announced it has entered into a definitive agreement with Lexmark International Inc., a global imaging leader, to acquire Lexmark’s Enterprise Software business, which is made up of three primary businesses: Kofax, ReadSoft and Perceptive Software. The closing of the transaction is subject to usual and customary closing conditions and regulatory approvals, and is expected to occur in the third quarter of 2017. Apex Technology Co Ltd, PAG Asia Capital and Legend Capital Management Co, LTD, who acquired Lexmark in November of 2016, support the sale of the Enterprise Software business.

Upon closing of the transaction, the Perceptive Software business, including Perceptive Intelligent Capture, Acuo VNA, PACSGEAR and Enterprise Medical Image Viewing will be sold to Hyland Software, Inc., an existing Thoma Bravo portfolio company and leading provider of enterprise content management software led by President and CEO Bill Priemer. The Kofax and ReadSoft businesses will create a single, newly independent Thoma Bravo portfolio company under the Kofax brand, and will be led by Reynolds C. Bish, current president of Lexmark Enterprise Software.

“We’re incredibly excited to be acquiring the Lexmark Enterprise Software business as it contains some of the most advanced digital transformation technologies in the industry. The Perceptive Software business is highly complementary to Hyland, providing innovative technologies and vertical expertise,” said Seth Boro, a managing partner at Thoma Bravo. “We’re equally thrilled to partner with Reynolds and his management team under the Kofax brand as a new Thoma Bravo portfolio company. Their vision to digitally transform and simplify initial customer interactions with businesses, or what they term the “First Mile”, represents an exciting opportunity across all industries.”

“We have long admired the people and technology of Perceptive Software and are thrilled to welcome them into the Hyland family,” said Priemer. “The combination of our content services portfolios will provide tremendous benefit to our current and future customers and partners.”

“Thoma Bravo has an incredible track record of success building and growing software companies,” said Bish. “Their unparalleled industry expertise and operational excellence make them the ideal partner for this new venture.”

Lazard is serving as financial advisor, and Dechert LLP is serving as legal counsel to Lexmark International. Credit Suisse and Goldman, Sachs & Co. are serving as financial advisors, and Kirkland & Ellis LLP is serving as legal counsel to Thoma Bravo and Hyland. Financing for the transaction is being provided by Credit Suisse, Goldman, Sachs & Co. and UBS Investment Bank.

About Thoma Bravo

Thoma Bravo is a leading private equity firm focused on the software and technology-enabled services sectors. With a series of funds representing more than $17 billion in capital commitments, Thoma Bravo partners with a company’s management team to implement operating best practices, invest in growth initiatives and make accretive acquisitions intended to accelerate revenue and earnings, with the goal of increasing the value of the business. Representative past and present portfolio companies include industry leaders such as Blue Coat Systems, Deltek, Digital Insight, Global Healthcare Exchange, Hyland Software, PowerPlan, Qlik, Riverbed, SailPoint, SolarWinds, SonicWall, Sparta Systems and TravelClick. The firm has offices in San Francisco and Chicago. For more information, visit www.thomabravo.com.

About Hyland

Hyland is a leading provider of software solutions for managing content, processes and cases for organizations across the globe. For over 25 years, Hyland has enabled more than 15,500 organizations to digitalize their workplaces and fundamentally transform their operations. Named one of Fortune’s Best Companies to Work For® since 2014, Hyland is widely known as both a great company to work for and a great company to do business with. For more information, please visit Hyland.com.

About Lexmark International, Inc.

Lexmark creates innovative imaging solutions and technologies that help customers worldwide print, secure and manage information with ease, efficiency and unmatched value. Open the possibilities at www.Lexmark.com.

VeriComply Hires Former LendingClub Executive as President

http://www.prweb.com/releases/2017/2/prweb14076467.htm#!

VeriComply announced today the hiring of Roger Dickerson as President to lead the Company’s expansion into the Marketplace Lending industry. VeriComply has developed a suite of products and services to verify the accuracy of loans being sold into the secondary market. The automated loan verification service validates the accuracy of loan data against the loan documents and creates an audit history that follows the loan. The Company’s solutions enables the verification process to keep pace with the increase in asset velocity of Marketplace Loans.

Prior to joining VeriComply, Mr. Dickerson was VP of Finance Operations at LendingClub where he oversaw investor operations. These operations included processes and technology for order fulfillment, reporting, custody, cash and asset documentation. During his 5-year tenure, Roger facilitated $23 approximately Billion of loans to institutional investors.

Prior to joining LendingClub he was CFO and CCO at PageMill Partners, which provides M&A advisory services to the technology industry. Prior to PageMill, he was a Director of Corporate Development at Charles Schwab and a Director of Strategic Finance and Planning in the Schwab Technology Group. Mr. Dickerson has his B.S., Accounting from DePaul University and a MBA from the University of Chicago.

“Roger Dickerson brings deep expertise in implementing solutions for LendingClub to facilitate loan sales, financings and securitizations of marketplace loans. He can now leverage that unique skill set with the VeriComply technology and processes to help the entire Marketplace Lending industry build greater trust of institutional investors”, commented Roger Cohen, CEO of VeriComply.

“After my career at LendingClub, I had many opportunities, but chose VeriComply as it has the technology, expertise and solution minded culture to help Marketplace Lending instill even greater investor trust in the loans,” said Roger Dickerson. “I am excited to be leading the effort to bring these solutions to the industry.”

About VeriComply.
VeriComply automates the verification of marketplace loans for the secondary market. The Company’s proprietary technology platform and process automatically recognizes loan files, extracts and validates loan data against the source documents and creates a complete audit history. The platform can be integrated with origination, servicing and data aggregation systems to keep accurate loan documents always accessible.

http://www.vericomply.com

OpenText Completes its Acquisition of Dell EMC Enterprise Content Division, including Documentum

A recent post from OpenText about the acquisition:

As many of you know, OpenText has recently completed on the previously announced acquisition of Dell EMC’s Enterprise Content Division, including Documentum. This acquisition cements OpenText’s position as the ECM market leader and represents an exciting time for the company!

Firstly, Documentum is here to stay. We are committed to protecting Documentum customers’ investment with new innovations and continued support for both the OpenText Content Suite and OpenText Documentum. OpenText will expand ECD’s strategy of developing next generation, cloud-native content applications based on the OpenText LEAP Platform. The acquisition of Documentum only strengthens OpenText’s position as the Next-Generation Cloud Content Services Leader and helps drive our promise to accelerate Digital Transformation for our customers.

Integrating the ECD portfolio within the OpenText EIM solution presents an amazing opportunity for all of OpenText’s customers. And, with our Innovation Tour continuing to travel around the globe we have a perfect opportunity to share our vision. For example bringing analytics and intelligence to Documentum, D2, Life Sciences Application, Capture, InfoArchive and Leap.

The Innovation Tour is an exciting opportunity to hear more about how the OpenText roadmap will encompass all of the ECD products to deliver on the promise of digital transformation. I am also excited to deliver a live code demonstration of the very first integration of an ECD product into the OpenText suite.

How to Decommission and Migrate Away from Legacy LOS

If you’re using a homegrown or legacy loan origination system (LOS) but have been hesitant to decommission and migrate away from it because of the expense and headaches involved, you need to know about InfoArchive from EMC.

What Is InfoArchive?

InfoArchive is an enterprise archiving platform that stores related structured data and unstructured content in a single consolidated repository that is much more cost-effective and stable than legacy information systems. As a result, InfoArchive helps focus your IT budget on innovation rather than maintaining old software.

Migration Services

MetaSource professional services ensures that your archival data is migrated to InfoArchive. To ensure this, we also keep your old software system running for a period of time in case of any hiccups. Once this period of redundancy is no longer needed, we fully decommission the old software.

The Case for Migration & Decommissioning

There are four main reasons for doing this:

  1. Cost Savings: either the cost of what you’re being charged by the vendor for software maintenance (often 20% of the original cost) and/or the annual fully loaded cost of everyone on your team that is employed to keep the system running
  2. Opportunity Cost: the value of what your employees could be doing who are instead using and maintaining the old system
  3. QC: does the vendor or your internal team adhere to the principles of dev ops, continuous engineering and agile development? The developers behind InfoArchive do…
  4. Risk Mitigation: with older software, there are usually only a few people that even know how to keep it running – what happens if they get hit by a bus?

Thus, if you’re using a legacy or homegrown LOS, then InfoArchive combined with our professional migration services can be the answer. The first step is to conduct a no-obligation, legacy LOS audit to determine the scope of the migration and decommissioning, so contact us today to get started.

Digital Compliance in Marketplace Assets in the Secondary Market

Marketplace lending is transforming many aspects of the lending industry. The technology platforms on which these marketplaces operate affect both the origination and the secondary market into which these loans are sold and increasingly securitized. Intuitive webpages collect borrower data, algorithms automate underwriting, providing borrowers with lower rates, better user experience and faster closings. Investors can select digital assets with filters and apply their own algorithms to earn higher returns than other asset classes.

While this first wave of Fin Tech has accelerated asset velocity, it has not created trust in the accuracy of these financial assets. The traditional approach to this challenge is to verify the accuracy of the key loan data tape elements and loan file completeness. This service is typically performed by the Document Custodian who when onboarding the documents into its system acts as the Verification Agent. The Verification Agent Certificate is issued to the warehouse lender, securitization trustee or other “economic buyer” and attests to the accuracy of the loan pool.

While this approach worked well in the paper world, several trends require a new approach which can deal with each of the following:

  • Velocity. Marketplace asset velocity requires an automated solution that can keep pace.
  • Flexibility. Investors want to diversify their portfolio across multiple Marketplace Lenders and asset classes, so the solution must be flexible.
  • Downstream Reliance. As these assets move from warehouse lender to securitization or sale, each economic buyer needs certainty of their ownership in the asset and the accuracy of each asset.
  • Cost. The costs of verifying the assets adversely impacts expense ratios of investment funds and securitization expenses.

In response to these trends, VeriComply has developed a solution that achieves these four objectives. As depicted in the diagram, here is how it works:

  • Multiple Marketplace Lending Platforms Connected– VeriComply automatically pulls the data and document package from the platform
  • Multiple Asset Classes Configured– VeriComply configures a Process Flow for each asset type
  • Automated Processing– loan file is auto classified, validated, data compared and then QA as needed
  • Certificate Issued– Certificate issued with schedules validating loan data accuracy and file completeness

processflow

Benefits. This solution offers benefits to the entire marketplace ecosphere:

  • Marketplace Platforms– greater demand for assets as investors have increased trust
  • Warehouse Lenders– easy integration with operations for rapid execution and reduced risk
  • Investors– reduced risk, reduced costs and greater liquidity for the assets
  • Underwriters– reduced diligence risks and costs and accelerated closings of deals
  • Rating Agencies– reduced compliance risks and costs for reviewing assets
  • Regulators– complete audit history of each asset in a securitization pool

Tracking Medical Devices – MedDevTrack Webinar

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Thursday, November 17, 2016, at 11am PST / 2pm EST

Register Now!

 

MedDevTrack is unique in the medical device industry as it provides an end-to-end solution for device tracking – beginning from the end of manufacturing through all phases of distribution, clinical use and patient tracking. It features a workflow engine that allows you to configure the software to match your SOPs and provides a self-auditing record for compliance to your own SOPs and those imposed by regulatory agencies.

Providing a comprehensive, integrated Medical Device Tracking solution for all your stakeholders:

  • Procurement/Distribution
  • Regulatory/Quality Assurance
  • Information Technology
  • Medical/Clinical
  • Post-Marketing/Surveillance

Thursday, November 17, 2016, at 11am PST / 2pm EST

This webinar is part of our continuing Medical Device Tracking Symposium Series by leading industry experts working with solutions for medical device tracking and regulatory compliance. We want to bring you much more accurate information than you can find through internet searches – real, actionable tips from the people who are constantly refining their knowledge to provide a great forum for sharing critical information and updates.

Managing Personally Identifiable Information (PII) with DocuNECT

Many organizations today manage, use, store and/or distribute documents that contain Personally Identifiable Information (PII). This is done internally for employees or, depending on their area of business, for customers, patients, residents and students. This digital economy relies heavily on the storage, access and transfer of data so putting in place policies and technology to manage this is becoming critical.

Document management adds a layer of complexity as the data is not only stored in databases (metadata), but also in the content of the documents. If your business model requires the distribution of documents then technology needs to be put in place to redact the data in the documents as well as encrypt the data in the database.

Examples of PII

The following list provides examples of PII data:

  • Name and other names used;
  • Social Security number, full and truncated;
  • Driver’s license and other government identification numbers;
  • Citizenship, legal status, gender, race/ethnicity;
  • Birth date, place of birth;
  • Home and personal cell telephone numbers;
  • Personal email address, mailing and home address;
  • Religious preference;
  • Security clearance;
  • Mother’s middle and maiden names;
  • Spouse information, marital status, child information, emergency contact information;
  • Biometrics;
  • Financial information, medical information, disability information;
  • Law enforcement information, employment information, educational information; and
  • Military records

DocuNECT provides a number of security features and functionality to manage the storage, access and distribution of PII data.

Encryption at Rest and in Transit

Data needs to be protected when it moves from server to user and also when it is stored. DocuNECT encrypts the data in transit and at rest. When you define metadata to store documents, you can encrypt and mask the data. For example, a credit card number can be displayed as * except for the last 4 digits.

Free-Form Auto-Redaction of PII in Documents

If you want to distribute documents the PII needs to be protected in the content of the document. DocuNECT has a powerful business rules engine that can identify and redact the PII so the documents can be safely distributed. This functionality is not based on x/y coordinates of data, but uses technology to identify the PII contextually using the content itself. Therefore, this functionality can be used for both structured and unstructured documents.

Document Distribution

DocuNECT can distribute the redacted documents in a number of format specifications, whether it be a defined folder structure or a third party business application.

Role-Based Access to Documents and Data

Access to the documents and data can be tightly controlled so only the right users have access to the right information.

Audit Trails and Reporting

Every document and data action is audited in the system, from user access to document actions. This allows the complete chain of custody to be stored to help with compliance.

Top 5 Document Migration Challenges

The document management marketplace has been with us for over 20 years and is still going strong. The longevity of the market creates conditions where companies can have more than one document management system. Systems can be inherited through acquisition, disparate departmental systems, or systems from software vendors that is no longer focused on the technology.

The following list provides the business drivers behind document/data system centralization:

  • Reduce IT complexity and maintenance costs
  • Reduce Infrastructure complexity
  • Adhere to regulatory retention, audit and compliance policies
  • Eliminate information silos
  • Safeguard information integrity

The following list is our top 5 challenges with document migration projects:

1. Old Technology

This goes with the territory. If customers are looking to migrate content, the source system is likely to be hosted older technology/hardware using older software versions. The target is the reverse. Therefore, the migration process has to span technical environments that can be some years apart in compatibility. Another issue here is system accessibility, as support for older APIs need to be maintained.

2. Missing/Corrupt Documents

A migration forces a read of every document in the system and if the system has not been used for a while missing/corrupt documents can be identified.

3. Data Interpretation and Translation

The taxonomy of data that is stored with the documents in the source system may have been designed some years before. For example, an index value and data that made sense 10 years ago in one context can have no value now, or categorization of certain document types has changed and need to be translated. This situation causes the business to get involved to advise on the data translation scheme. This is important to do, but can increase the timescales of the project.

4. Managing Time Expectations

Legacy systems can accumulate a large number of documents and data, some well in the millions, which can take time to migrate. Although timing expectations can be set during the project initiation, it is recommended to perform a pilot migration to prove the process and understand the timing in context of the environment. The following points should be considered when estimating the timing:

  • Network Throughput – Document management is network intensive as it moves both data and documents and migrations involve continuous movement of data.
  • API and Document Processing Overhead. It easy to think that you can roughly estimate a document management migration by timing just the file copy. However, there is the overhead of the source and target system APIs, and any additional processing that is required while migrating, such as OCR’ring or rendering the document to a different format.
  • Impact on Production. If the source/target systems are in use, concerns will be raised about the impact the migration will have on production. The migration process could utilize the resources enough to slow down the system which impacts the business users. This situation may force the migration to be run at night only.
5. Differences in Document Management System Taxonomies

Not all document management systems are made equal. Objects or data contained in the source system may not all have a “slot” in the target system, or are simply managed differently. This means that a discussion with the business is required to reconcile and understand the differences. Areas that have caused discussion in our experience are:

  • How to Handle System Data
  • Differences in Managing Security
  • Moving Annotation Objects

Migration projects take careful planning and the above points should be considered and discussed with the business before timescales are presented and socialized.

Portford has developed a document migration methodology to accompany our own DocuNECT migration technology to address these challenges and to make sure migration projects are successful.

Contact us now if you want help in planning your next migration project.

OpenText Signs Definitive Agreement to Acquire Dell EMC’s Enterprise Content Division, including Documentum

On 9/12/2016, OpenText announced the acquisition of Dell EMC’s Enterprise Content Division (ECD) for $1,62 billion. ECD is the division of EMC that Portford has partnered with for many years and manages the following products:

  • Documentum
  • ApplicationXtender
  • eRoom
  • Captiva
  • InfoArchive

It will be interesting to see over the next few months how OpenText will choose to integrate and market the ECD products as there is some overlap with existing OpenText portfolio. However, the overall “blended” product line will make OpenText a powerful player in the ECM marketplace.

OpenText is dedicated to the ECM, which is another positive as the EMC ECD products now have a more focused company to take the products forward.

We believe that this is an exciting opportunity for ECD products and look forward to seeing the future unfold.

Click on the URL below to read the full press release from OpenText:

http://www.opentext.com/who-we-are/press-releases?id=51B5E97A2C384D1DBCD94180192DB53A

Don’t hesitate to contact us if you want to discuss the acquisition in more detail.

CIO Review Announces Portford as one of the 20 Most Promising Document Management Solution Providers in 2016

CIOReview

Going paperless can save enterprises’ time and money. In that respect, choosing the accurate document management system (DMS) enables industries and employees to dissipate paper from office, optimize costs involved in ink and storage space and optimize time involved in searching for right data in files. It helps companies store, manage and track electronic documents and images based information using document scanner. Considered as one of the precursor technologies to content management, DMS enables organizations to incorporate standard physical document filing practices electronically by providing storage location, security and access control, version control, audit trails, and check-in or check-out and document lockdown.

The solution serves global audience irrespective of the size and scope of the industry. In order to guide the CIOs around the landscape of document management system, CIO Review is coming up with an annual special edition on the most promising Document Management companies.  A distinguished panel comprising of CEOs, CIOs, VCs, analysts including CIO Review editorial board has announced that Portford Solutions is one of the “20 Most Promising Document Management Solution Providers 2016” in the U.S.

Recoding the Way Document Management Works.