COSTA MESA, Calif. - FileNet Corp., a provider of enterprise content and business process management solutions, announced Sept. 22 that it will acquire Vancouver, Canada-based Yaletown Technology Group Inc., a content compliance software company.
The $11 million acquisition is expected to close in early October, according to a news release. The deal will provide FileNet with additional technology and expertise to address the compliance market, expanding the company's offerings to help financial-services customers meet the growing needs of regulatory compliance.
According to FileNet, approximately 80 percent of a company's content assets remain unmanaged and uncontrolled by electronic records management systems, presenting potential business risk to large financial services companies.
"Yaletown's Records Crawler adds further value to FileNet's Records Management product by providing improved management and integration of content assets that reside outside of FileNet ECM repositories," said David Carlon, FileNet's director of vertical solutions for financial services. "With so much corporate content to control such as transactions and lending records, order placements and settlements records, the combination of these software assets can be very powerful for financial services companies to effectively manage their content while balancing both risk mitigation and operational efficiency."
