Verity Inc., a leading provider of enterprise software that enables organizations to maximize the return on their intellectual capital investment, announced the completion of its acquisition of Cardiff Software Inc., a privately held developer of technology that enables the capture and automation of dynamic business information, for an aggregate purchase price of approximately $50 million in cash after adjusting for Cardiff's net cash balance as of the close of the transaction.
The blending of Verity and Cardiff's technologies will result in software that spans the content lifecycle from its origin with content capture and e-forms, its movement with business process automation, and its use via search, classification and recommendation capabilities. "We are excited to have the opportunity to extend intellectual capital management capabilities to the very beginning of the dynamic information flow for organizations of all sizes and types and to provide them with the ability to extract and exploit greater value from their structured and unstructured data than ever before," said Anthony J. Bettencourt, Verity's president and CEO. "Verity will now be able to help more customers, in more ways, deal with their intellectual capital management challenges effectively."
With the closing of this transaction, Verity gains approximately 8,000 new customer relationships worldwide. Although the Cardiff corporate brand will be discontinued, Verity will retain the product names TeleForm, LiquidOffice, LiquidCapture, and TeleForm MediClaim. Support and maintenance services for existing Cardiff customers will remain in place. Work is underway to enhance existing Verity and Cardiff software as well as to identify new product opportunities. Verity expects to provide details on product portfolio changes and potential additions shortly.
"Verity now has the ability to enable enterprises, in both the private and public sectors, to make better use of their information assets," said Dennis Clerke, Verity's vice president and general manager of content capture, and former president and CEO of Cardiff. "This is an exciting, positive development that we believe will yield significant benefits to all our customers."
The Cardiff product line consists of TeleForm, LiquidOffice, LiquidCapture and TeleForm MediClaim, a broad suite that automates document capture, e-Forms and workflow-driven business processes. That software joins the Verity product portfolio, which includes Verity K2 Enterprise and K2 Catalog advanced search, classification and recommendation software, and the Verity Ultraseek downloadable enterprise search engine. Other Verity products include OEM offerings such as Verity K2 Developer and the Verity KeyView line of filter, viewing and export technology.
"Combining Verity's search, classification and recommendation technology with content capture, e-forms and business process automation brings important new capabilities to our product solutions that already play mission-critical roles in many enterprises," Bettencourt said. "This is an important step in Verity's strategic growth plan as a company and as a partner to small, medium and large organizations around the globe."
Register or login for access to this item and much more
All Information Management content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access