Xerox Completes Acquisition of Advectis; Launches Mortgage Services Unit
Xerox Corporation said today that it has completed its cash acquisition of Advectis, Inc. for $32 million. The deal was originally announced in September. 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. Advectis was founded in 2000 and currently employs about 41 people, who now join Xerox. Former Advectis CEO Greg Smith now becomes vice president and general manager of Xerox Mortgage Services, the newly formed unit in Xerox Global Services centered on document management and collaboration services customized for the mortgage industry. Smith will report to John Kelly, president of Xerox Global Services, North America. Xerox Mortgage Services will be featured at Booth 1004 at the Mortgage Bankers Association Annual Convention & Expo in Boston, October 14-17 - a conference I won't be going to for reasons detailed in this post.