Documentum, a provider of enterprise content management (ECM), has announced the signing of a definitive agreement to acquire privately held TrueArc Corporation. TrueArc, maker of electronic records management and digital preservation software, is based in Ottawa, Canada, with executive offices in Arlington, Virginia. In the all-cash transaction for TrueArc stock, Documentum will pay approximately $3.6 million. Documentum will not issue any of its common stock in this transaction. The acquisition is expected to close later this quarter, after the appropriate legal approvals have been finalized and customary closing conditions met.
Documentum and TrueArc are existing technology partners and have worked together to provide an integration for TrueArc's enterprise-scalable records management solution with the Documentum ECM platform. The integration, currently sold by TrueArc, provides the ability to implement records management and retention rules for Documentum customers. The two companies also announced that an integrated solution consisting of TrueArc Foremost Enterprise and the Documentum ECM platform has been tested and certified as being compliant with the new U.S. Department of Defense 5015.2 standard for electronic record-keeping systems. After the acquisition closes later this quarter, Documentum will deliver a new version of an integrated offering, updated with the latest releases of both products, certified compliant with the DoD 5015.2 records management standard.