Westlake, Ohio-based Hyland says its OnBase software provides integrated document management, business process management and records management in a single application. It contains 60 configurable modules covering core areas such as input and capture, management and retrieval and distribution and output. The company has also developed modules for vertical applications in the financial services and healthcare industries and for government organizations.
Hyland is operating in a market that International Data Corp estimates will grow from $2.7bn in 2003 to $4.1bn in 2008. It has been profitable for the last five years.
In the year to December 31, net income rose 149.2% to $4m on revenue 39.6% higher at $35.8m. In the first quarter to March 31, net income increased 0.7% to $991,000 on revenue that rose 36.2% to $11.6m.
The company’s main customer base is in the financial services industry and only 11% of revenue comes from outside the US. It has just one international office in London, England, and it plans to expand its international presence with proceeds from the IPO.
In the large enterprise market Hyland competes with FileNet, IBM and EMC, through its recent acquisitions of Legato and Documentum. In vertical markets, it competes with industry-specific vendors such as Cerner, McKesson and Siemens in healthcare, ImageNow in higher education, ImageRight in insurance, and DST Systems Inc and Advanced Financial Solutions in financial services.
