NEW YORK, Oct. 6 - Oce N.V., (Nasdaq: OCENY), a global leader in digital document management and solutions, today announced that its U.S. division Oce Business Services and CaseData, Inc., a leading provider of electronic discovery and litigation support services to U.S. law firms and corporations, have entered into a definitive agreement for Oce Business Services to acquire all activities of CaseData.
The transaction will expand the range of Oce Business Services' document process management business, and give CaseData clients access to Oce's comprehensive portfolio of products and services. CaseData is ranked in the top five E-discovery service providers on the basis of experience and capacity. Financial details of the transaction are not being disclosed.
CaseData is a privately owned company of approximately $14 million annualized revenue with nearly 200 employees. In addition to its Salt Lake City, Utah headquarters, CaseData has significant coding and quality control operations in the Philippines. CaseData's technology and world-class services have been used by many leading U.S. law firms and Fortune 500 corporations in some of today's highest profile legal cases.
Oce N.V. considers the business services market to be a key growth market. E-discovery is one of the fastest growing segments within business services, and is projected to reach $2.4 billion in U.S. revenues in 2007, with annualized growth of nearly 40%. E-discovery is the process attorneys use to obtain digitally stored evidence in response to internal, litigation or regulatory requests. E-discovery primary functions consist of data collection, processing, review, analysis and production of relevant data from electronic or paper documents, including email. With the addition of CaseData, Oce Business Services becomes a leading participant in both document process management and E-discovery markets, which together are projected to surpass $10 billion in 2007 based on estimates by analysts InfoTrends/Cap Ventures and Socha-Gelbmann.
On an annualized basis, the worldwide revenue of business services activities at Oce amount to $500 million, 13% of the company's total annual revenue. In the U.S., Oce Business Services employs 6,000 people.
"This acquisition fully supports Oce's strategic goals to increase growth, strengthen leading positions in key markets, and expand its position in document process management," said Jan Dix, President and CEO, Oce-USA Holding, Inc. and member, Board of Executive Directors. "CaseData's technology, high volume processing operations, and legal process know-how combined with Oce document domain expertise, global scale and resources will enable the combined company to deliver unprecedented value to clients by providing more complete value-added solutions that address a wider range of needs."
"Our clients increasingly view records management, compliance, E-discovery and litigation support as strategic, interdependent business processes," said Joseph R. Marciano, President and CEO of Oce Business Services. "With CaseData, we'll deliver a compelling opportunity for clients to streamline management of these key processes, improve effectiveness, and reduce cost and risk. Our combined service portfolio will enable us to serve more clients in more ways."
Oce Business Services will establish a new Records, Compliance and Legal Solutions division that combines its imaging and records management services with the CaseData suite of electronic and paper discovery, web data review and data forensics services. Law firms and corporations will benefit from an integrated, single-sourced solution that spans the entire records and discovery management lifecycle and enables them to effectively address records, compliance and document-intensive litigation requirements.
"Oce Business Services and CaseData will make a powerful combination," said Douglas M. Bean, Vice President and General Manager of the new Records, Compliance and Legal Solutions division. "In joining OBS, we become part of an industry leader, a company with a history and culture of outstanding client service, and a great future. I believe this transaction is in the best interests of our employees, clients, partners and suppliers."
About Oce Business Services
Oce Business Services is one of the world's leading providers of document process management services, equipment and software solutions for the office and public sector markets. The company integrates advanced technology, people and processes to manage business document assets throughout their lifecycle. Oce outsourcing solutions span copy and print, document needs assessment, fleet management, mail distribution and fulfillment, imaging and records management, office services and business performance management. About 6,000 professionals serve our clients in North America. Oce advanced solutions help enterprises increase document process efficiency and effectiveness, gain flexibility, reduce costs and contribute to improved business performance. For more information, visit http://www.ocesolutions.com.
Oce N.V. (Nasdaq: OCENY), with a workforce of around 24,000 people in nearly 100 countries and pro forma annualized revenues of Euro 3.5 billion, maintains research and manufacturing centers in the Netherlands, the United States, Canada, Germany, France, Belgium, the Czech Republic, and Romania. Oce's North American headquarters is located in Chicago with major business units in Trumbull, CT; Chicago; New York City; Boca Raton, FL; Salt Lake City; Coventry, RI; and Vancouver, BC. North American revenues were $1.7 billion for fiscal 2005, and employment is currently 11,000. For more information about Oce, visit http://www.oceusa.com. Outside the U.S., consult http://www.oce.com.
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