Friday 5th October 2007
Document management business in MBI
A business specialising in the electronic processing of forms and invoices has undergone a management buy-in (MBI). The Documents Solutions International (DSI) division of Formscan was acquired by a group of investors led by Chris Haden, who becomes the company’s new managing director.
The acquirers paid £75,000 in shares for DSI, in addition to settling an outstanding loan of £250,000. Under the terms of the deal, the independent business will retain the right to use the Formscan brand in the UK and most European countries.
Haden, the former UK managing director of information outsourcer Anacomp, plans to extend DSI to offer outsourced hosting, archiving, compliance and disaster recovery services throughout Europe.
He says: ‘The current situation in the US, UK and Europe regarding issues such as security, disaster recovery, customer service standards and regulatory compliance, has thrown document storage and management processes firmly under the spotlight.’
Formscan was established in 1976 to deliver document management services to private businesses and the public sector. The company made a profit of £137,000 last year from sales of £1.2 million.
Nick Britton
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