Closing on the transaction is planned by January, and is contingent upon completion of due diligence and the definitive purchase agreement, as well as approval by Group 1's board of directors. The acquisition is expected to be accretive to earnings within 12 months of closing. Terms were not disclosed.
Group 1's DOC1 suite permits enterprise-wide creation and management of customer communications and messaging campaigns for multi-channel delivery. The addition of Vision-R's scalable technology to the DOC1 suite would offer the ability to archive and view millions of documents and maintain years of historical billing and statement data online. The system employs compression techniques and utilizes industry-standard hardware.
Vision-R's functionality provides consumers as well as call center representatives access via a Web browser or online to DOC1- generated bills and statements. The technology can also accept documents from other composition systems. Vision-R's customer base includes Sprint Canada, Prudential Insurance and Toronto Dominion Bank.
"An acquisition of Vision-R would provide us with technology and talented individuals that would significantly complement and strengthen our DOC1 solutions," said Bob Bowen, chief executive officer of the Lanham. Md.-based Group 1 Software. "Vision-R would add proven robust storage and retrieval capabilities to our end-to-end document composition and delivery suite. As with our recent acquisitions of TriSense Software and HotData, Group 1's financial power continues to allow us to make strategic acquisitions that extend our core technology."
Founded in 1982, Group 1's solutions are utilized in the financial services, banking, retail, telecommunications, utilities, e-commerce, and insurance industries. The company's customer base includes AT&T, Charles Schwab, Entergy, GEICO, L.L. Bean, MCI WorldCom, Wal-Mart and Wells Fargo.
Reprinted from dc.internet.com