Canadian business software maker Open Text recently announced it has signed a deal to acquire document management company StreamServe for $71 million.
The acquisition will add document output and customer communication management solutions to Open Text’s ECM suite. Massachusetts-based StreamServe’s software enables companies to automatically create documents to send to customers, partners and suppliers in multiple formats and through various channels.
With the acquisition, Open Text said it expects to enhance its SAP partnership and extend its reach in the Northern European market – particularly in Sweden, where StreamServe was originally founded.
“From both a technology and partnership standpoint, StreamServe is a complementary fit for Open Text,” said John Shackleton, CEO of Open Text. “StreamServe brings innovative new technology to the ECM suite, offering products that automate and personalize customer communication processes, while integrating this functionality with key Open Text ECM solutions.”
Open Text has the second largest market share for enterprise content management systems behind IBM. The company recently posted a 52 percent increase in net income in first quarter of FY2011, but it was disappointed in lower-than-expected licensing revenue, especially in Europe, Reuters reports.