FileNET Corp., a Costa Mesa, Calif.-based provider of enterprise content management applications, is acquiring eGrail Inc., a developer of Web content management tools. By purchasing Bethesda, Md.-based eGrail, FileNET says it will be able to supply document management, image management, Web content management, business process management and enterprise application integration as part of an extended ECM system. FileNET expects to add additional applications over the next few months. The all-cash transaction is valued at $10 million. Effective immediately, the eGrail product line will be made available and supported through FileNET global sales and professional services organizations.
Acquiring eGrail puts FileNET in position to bolster its revenues. For the fourth quarter of 2001, which ended Dec. 31, FileNET reported revenues of $86.3 million, down from $111.6 million in the year-earlier period.
Net income was $1.9 million, compared to $14.8 million for the fourth quarter of 2000. Earnings per basic and diluted share was $0.05 for the fourth quarter of 2001, down from $0.43 in the year-earlier period.
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