To expand its document management services business, business appliance maker Xerox Corporation agreed to acquire privately-held Amici LLC for U.S. $174 million.
Amici employees are expected to join Xerox after the acquisition is complete. Amici's current president and CEO Craig Freeman will remain head of the organization, reporting to John Kelly, senior vice president and chief operating officer of Xerox Global Services.
Amici is a provider of electronic-discovery (e-discovery) services, primarily supporting litigation and regulatory compliance. E-discovery is the identification, filtering, production and storage of data from paper or electronic documents. Projected to grow at an annual compounded rate of close to 40 percent, e-discovery services could be a nearly $2.5 billion market in the U.S. by 2009, according to research firm IDC.
Xerox's all-cash purchase of Amici includes a performance-based supplement to the sale price. The acquisition is expected to close in the next 30 days, subject to regulatory approvals and closing conditions.
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