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Enterprise content management software developer Optika Inc. has acquired records management software developer Select Technologies Inc., which had provided the technology for Optikas own records management product as part of an OEM deal.
The cash-stock deal, valued at $1.425 million, will give Optika Selects Extempore software technology, which Optika has used in its Acorde Records Manager product after an OEM agreement signed last September. Going forward Extempore will be sold as Acorde Records Manager.
Select will remain at its Boise, Idaho, headquarters as a wholly-owned subsidiary of Optika. Select President and CEO Del Zane and chief development officer Shadra Arneson will join Optika in unspecified executive roles.
The acquisition continues the trend of content management software vendors buying up records-management software firms as increasing regulatory requirements such as HIPPA and the Sarbanes-Oxley Act increase demand for dedicated records management applications.
IBM Corp. bought Tarian Software at the same time Documentum Inc. acquired TrueArc Corp. last November.
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