Magazine article Mortgage Banking

Xerox Announces $32 Million Advectis Purchase

Magazine article Mortgage Banking

Xerox Announces $32 Million Advectis Purchase

Article excerpt

Xerox Corporation, Rochester, New York, announced in September its plans to buy Advectis Inc., Atlanta, for $32 million.

Xerox's expertise in document outsourcing and services led the company to Advectis and its Web-based BlitzDocs[R] Collaboration Suite, according to John Kelly, president of Xerox Global Services North America.

"Anyone who has ever bought a home knows that the mortgage business is dependent on paper. Filling out an extensive number of forms is time- and labor-intensive work. We're looking to help clients reduce costs and transform their business by offering a better experience for both end users and operations," said Kelly.

"Xerox's expertise in automating document processes is an ideal fit with Advectis' BlitzDocs paperless solution for mortgages. In an industry that is ripe for change, Advectis offers technology that improves productivity for its users while giving lenders better control of their processes," he said.

The company's acquisition by Xerox will position Advectis to create even stronger offerings, services and technologies for its clients, noted Greg Smith, co-founder and chief executive officer of Advectis. …

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