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Xerox completes Advectis buyout


Published : Sun, 14 Oct 2007 20:53
By : Agencies
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ROCHESTER, N.Y. (AP) - Office equipment maker Xerox Corp. said Friday it completed the purchase of Advectis Inc., provider of electronic document products to the mortgage industry, for $32 million in cash.

Atlanta-based Advectis' Web-based BlitzDocs Collaboration Suite helps lenders, brokers and investors manage mortgage documents electronically in the paper-dominated mortgage industry.

Former Advectis Chief Executive Greg Smith is now vice president and general manager of Xerox Mortgage Services, a newly formed unit in Xerox Global Services focusing on services for the mortgage industry.

All of Advectis' 41 employees joined Xerox.

Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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