Digital Vision based in Northwich, Cheshire, United Kingdom is a system integrator who specialises in accounts payable automation. Its solutions are based on Kofax’s Ascent (DICOM), a data capture product that scans invoices and other purchase-to-pay documents. Through Optical Character Recognition (OCR) and Intelligent Character Recognition (ICR), Ascent converts data from paper to electronic data which can then be automatically fed in to an accounts payable system. As you very well know, this is not a bullet-proof solution, nevertheless it has a place in the current market until EIPP becomes the norm. Digital Vision also offers workflow and content management solutions to extend their data capture capability.Digital Vision has about 70 customers, some being UK based blue chips such as Barclays, BAe Systems, BUPA, DSGi, Countrywide, HBoS, Abbey/Grupo Santander and many SMEs. Founders Dennis Wright, and Peter and Robert Goodwin have done remarkably well to have such great names as clients on their books.

BasWare has acquired the entire share capital of Digital Vision for EUR 9.2 million, to be paid in two parts. EUR 9 million is to be paid upon completion of the acquisition. The remainder to be determined by Digital Vision’s net assets on the Interim Financial Statements on 31st August 2007 and to be paid by the beginning of October 2007. This could be interpreted as few anomalies on the balance sheet that require clarification.

It’s good to hear that BasWare intends to continue to employ the current management. This is a typical announcement at acquisition stage, for specialist companies such as Digital Vision. Organisational cultures will determine the survival of the management, plus whether the key shareholders would be keen to continue to build the business having worked so hard from inception to sale.

The acquisition strengthens BasWare’s presence in the UK market, both in terms of number of staff (about 70) and market share for data capture solutions (combining the offerings of Kofax led sales and BasWare’s own data capture solutions).

According to Hannu Vaajoensuu, Chairman of BasWare

“As a result of the acquisition, BasWare gains a leading position in the UK Enterprise Purchase to Pay market, be it in terms of the number of customers, net sales or the size of the organization. Additionally, we will gain valuable expertise on data capture and management. This improves our competitiveness in especially the financing segment and among multinational, large corporations. The expertise can be utilized within the global partner agreement we recently signed with DICOM”.

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Last 5 posts by Manoj Ranaweera

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• European Market Outlook 2008 for e-invoicing - January 17th, 2008
• Get buy-in from senior management, if your EIPP project is to be successful - November 15th, 2007
• Calling all StartUp and Early Stage EIPP Vendors - November 7th, 2007
• BasWare acquires my neighbour Digital Vision Technologies - September 29th, 2007

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