Skywire Software, a privately held enterprise software company, has announced completion of its $127 million acquisition of Docucorp International, a Dallas-based provider of customer communication management (CCM) solutions.
Frisco, Texas-based Skywire said in a Friday statement, “The companies will merge to create one of the largest software and services providers delivering best-in-class technology to insurance, healthcare and financial services industries.”
The merged company will adopt the Skywire Software name and operate as a privately-held subsidiary of Hall Financial Group, a $2 billion private, diversified financial firm, the announcement said.
According to a Skywire spokesperson, Skywire will take publicly-traded Docucorp private as a result of the cash deal. The combined company will have approximately 500 employees, with a new senior management team to be announced within 30 days.
Patrick Brandt, chief executive officer and founder of Skywire Software, will serve as president and CEO of the new company, and Michael D. Andereck, president and CEO of Docucorp, will serve as Skywire Software's executive chairman of the board.
The spokesperson also noted that “there is not a lot of overlap” between the two companies. “There may be some” positions lost, she continued, but there will be “minimal reductions, if any.” Decisions on staffing are expected within the next 30 to 60 days, the spokesperson said.
“Skywire Software will capitalize on both companies' strengths, continuing to bring to market technology that will help companies integrate processes, people and information,” said Mr. Brandt.
According to Skywire, the company's business model enables it to more efficiently deliver software and services to more than 1,600 customers worldwide, including insurance, health care, financial services and utility companies. Customers include four of the top five banks on the Forbes Global 2000, and more than half of the top 200 insurance companies.
Skywire Software develops industry-specific software products that help companies integrate processes, people and information.
The company provides products and services that span a range of key functions, including rating, rules, underwriting, business intelligence, online management, data movement, and enterprise-wide document automation.
Docucorp markets a portfolio of information software, business process outsourcing and professional services, which enables companies to create, publish, manage and archive complex, high-volume, personalized information in-house or fully outsource to Docucorp, according to the company's Web site.
The company reports it has an installed base of more than 1,300 customers, including some large insurance, utility, financial services and health care organizations.
Headquartered in Dallas, Docucorp has facilities in Atlanta, Bedford, N.H., and London, as well as an international presence in Benelux, Switzerland, Central and Eastern Europe, Middle East, Africa and Asia Pacific regions.
Further information is available at www.skywiresoftware.com.
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