Advectis, a privately held electronic document collaboration technology firm, is being acquired by Xerox in a deal worth $32 million.
The Atlanta-based firm employs some 40 people.
Advectis focuses on the mortgage industry with its Web-based technology called BlitzDocs Collaboration Suite. Advectis helps mortgage providers and associated service firms remove paper from the mortgage process.
BlitzDocs is patented technology.
“Anyone who has ever bought a home knows that the mortgage business is dependent on paper. Filling out an extensive number of forms is time and labor-intensive work,” said John Kelly, president of Xerox Global Services North America, in a statement. “We’re looking to help clients reduce costs and transform their business by offering a better experience for both end-users and operations. Xerox’s expertise in automating document processes is an ideal fit with Advectis’ BlitzDocs paperless solution for mortgages.”
Greg Smith, co-founder and chief executive officer of Advectis, will join Xerox and report to Kelly.
“With this acquisition, Advectis is positioned to create even stronger offerings, services and technologies for our clients,” Smith said. “Partnering with Xerox makes perfect sense for the future of our business. Our combined expertise and resources means increased collaboration and decreased loan processing costs for BlitzDocs users.”
