FileNet Corporation, a provider of Enterprise Content and Business Process Management solutions, has announced that they have entered into an agreement to acquire Yaletown Technology Group, Inc., a provider of content compliance software. The purchase of Yaletown Technology Group is an all cash transaction valued at approximately $11 million net of cash for all of the stock in the company. The transaction is expected to close in early October, subject to customary closing conditions. The transaction is expected to be immaterial to FileNet's results for 2005.
FileNet has also announced the general availability of the latest release of its FileNet Records Manager suite, version 3.5. Featuring newly developed capabilities called Intelligent Retention and Content Federation Services, FileNet Records Manager now offers business users enhanced flexibility to meet compliance goals across multiple content repositories and legal jurisdictions. The FileNet Records Manager 3.5 release brings new features and capabilities to market, including Intelligent Retention. Intelligent Retention provides alternative or optional retention periods based on any number of variables or rules that may be imposed upon an organization by multiple regulatory authorities. By accounting for the different retention rules across multiple jurisdictions, FileNet Records Manager will attempt to accommodate the variables and conditions that mandate retention while simultaneously reducing complexity and chance of error.
FileNet Records Manager 3.5 is integrated with FileNet Content Federation Services (CFS), which enables FileNet Records Manager to be integrated with and federate content from a broad range of both FileNet and non-FileNet content repositories. FileNet Content Federation Services allows enterprises to search, catalog, classify, secure, retain, comply, activate, update and delete content residing in repositories across the enterprise.