Although the mortgage has practically gone on life support,
Xerox Corp. on Wednesday said it agreed to buy Advectis Inc., a privately held
document management company based in Atlanta, for $32 million. Advectis makes
electronic document technology for the mortgage industry, which remains very
paper-based. Its technology helps brokers better manage the underwriting and
auditing processes electronically. The two companies said they expect to
further collaborate on additional electronic document solutions. The deal is
part of Xerox's attempt to have a more diversified source of earnings and
expand its service offerings. Earlier this year, Xerox headed toward that path
with its
acquisition
of Global Imaging Systems Inc., a seller of printers, copiers and electronic
presentation systems to small and midsize businesses, for $1.5 billion. In
July 2006, the company closed a $175 million cash deal for
electronic-discovery services provider Amici LLC and four months later paid
$54 million for multimedia marketing software provider XMPie
Inc. — Andrea Orr and Gerald Magpily
See
Xerox press release
See
TheDeal.com article
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