Xerox To Acquire eDoc Provider Advectis for $32 Million
Xerox Corporation said in a press statement this morning that it will aqcuire Advectis Inc. in a deal worth $32 million. Advectis's BlitzDocs suite is one of the mortgage industry's better-known eDoc and collaboration platforms. BlitzDocs was recently listed among the mortgage industry's top 50 technology providers by Mortgage Technology magazine, and the company said that its platform is used by participants representing more than 65 percent of loans purchased on the secondary market. It's clear that consolidation in the origination technology space is accelerating, with Portellus announcing a planned exit and sale of its mortgage operations yesterday. Larger corporations looking for a value play in the mortgage technology space -- like Xerox, for example -- are likely to snap up various technology providers within the industry over the course of the next year or so as industry conditions put pressure on margins of many niche origination providers in the eDoc, business process, automated underwriting and loan origination system areas.