Interwoven Acquires Document Automation Company24 Aug, 2005
Interwoven Acquires Document Automation Company
Interwoven, Inc. announced that it has acquired Scrittura, a provider of document automation technology and straight-through-processing for the complex non-exchange based trading operations of financial services institutions.
The strategic acquisition maps to Interwoven's strategy to deliver targeted ECM solutions, and positions Interwoven as a leading ECM provider in the rapidly growing market for the trading of non-exchange based financial instruments. As a result of the acquisition, Interwoven is now the first ECM vendor to offer a complete solution for the automation of Over-the-Counter (OTC) Derivatives trading.
Under the terms of the agreement, Scrittura shareholders will receive initial cash consideration of approximately $16.3 million and up to $2.0 million of additional cash consideration if certain revenue and operating contribution goals are achieved by December 31, 2005. In addition, Interwoven will assume certain Scrittura stock options in the acquisition.
The Interwoven OTC Derivatives solution is the first solution Interwoven is delivering based on the acquisition to address a critical need within the burgeoning market for non-exchange based trading.
Interwoven's strategy is to deliver end-to-end ECM solutions designed to address specific business challenges across enterprises and within priority vertical markets such as financial services. Currently, Interwoven provides targeted solutions to capital markets, corporate banking, and retail banking operations, with customers such as ABN Amro and Credit Suisse First Boston.
The new Interwoven OTC Derivatives solution will provide complete functionality including business process management; document management; records management; fax and paper capture; and messaging brokering. As a result, financial services customers are expected to be able to reduce the amount of time it takes them to complete a trade from days and weeks, to hours or even minutes.