Langley, Berkshire, UK June 15th 2006: Hitec Laboratories, the specialist Electronic Document and Compliance Management solutions provider announce today that they have completed the acquisition of Ten® Software for an undisclosed sum. Ten, who recently announced a doubling of orders during 1Q06, specialise in the development and support of Risk and Performance Management solutions. The acquisition substantially strengthens Hitec’s position in the rapidly expanding Governance, Risk & Compliance (GRC) marketplace.
“Last year, we entered the Compliance marketplace with the release of CONFORM™, which is now a highly successful Policies & Procedures Management solution. This was a logical extension of our core Electronic Document Management capabilities” commented Hitec’s CEO Jeremy Crame. “The strategic acquisition of Ten Software further extends our solution offering in this area, and has been made against a background of calls for improved corporate governance and risk and performance management, as well as an ever increasing volume of compliance regulations that organisations are required to adhere to”.
Dr Alistair Heslop, formerly Managing Director of Ten Software and now Ten Product Director at Hitec Laboratories commented: “Ten have a strong understanding of Risk and Performance requirements, particularly within the Public Sector. Hitec have a wealth of experience in the Compliance area, particularly in the global Banking sector. The combination of the two businesses makes complete sense, as there is no overlap of expertise or marketplaces”.
“This acquisition means that in addition to our core Electronic Document Management solutions, we will now also be able to provide a comprehensive suite of complementary products aimed directly at organisations with Governance, Risk & Compliance issues” commented Crame.