Date: Wednesday September 12, 2007 10:44:00 am
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Xerox to Buy Advectis for $32 Million
ROCHESTER, N.Y. — Office equipment maker Xerox Corp. said Wednesday it plans to buy Advectis Inc., a provider of electronic document collaboration products to the mortgage industry, for $32 million cash.Atlanta-based Advectis is privately held. Its Web-based BlitzDocs Collaboration Suite helps lenders, brokers and investors manage loan documents electronically in what is usually a paper-heavy process, Xerox said.All of Advectis’s 41 employees are expected to join Xerox. The deal is expected to close in the next 30 days.
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