Enterprise content management firm FileNET Corp.
has signed a definitive agreement to acquire the core assets of privately held eGrail Inc. for approximately $10 million in cash. Effective immediately, the eGrail product line, which focuses on Web content management products, will be made available and supported through FileNET global sales and professional services organizations.
Founded in 1997 and based in Bethesda, Md., eGrail serves customers in numerous industries including communications, insurance, government, medical, and publishing.
“With the addition of the eGrail product line, FileNET is immediately able to offer a sophisticated, yet easy to use, Web content management solution to support our vision of extended enterprise content management,” said Lee Roberts, chairman and chief executive officer (CEO) of the Costa Mesa, Calif.-based FileNET. “It has become clear that large global customers are looking to well-established software firms to provide end-to-end ECM solutions. This mandate is driving industry consolidation and favors companies like FileNET.”
FileNET plans to keep eGrail’s operations in Bethesda. With the exception of CEO Joseph Payne, Chief Financial Officer Glenn Roberson and sales chief Ray Tacoma, all of eGrail’s 45 employees will join FileNET.
“With todays announcement, we believe we are the only company that can provide document management, image management, Web content management, business process management and enterprise application integration as part of an extended ECM solution. We also expect to make additional announcements in the coming months that further extend our capabilities across this broad market,” added Roberts.
FileNET markets its solutions in more than 90 countries through its own global sales, professional services, and support organizations, as well as via its ValueNET Partner network of resellers, system integrators, and application developers.