DRS Imaging Services LLC, which is backed by HiGro, has acquired Omaha-based DocuLynx Inc, a provider of document management software and services. No financial terms were disclosed.
NEW YORK–(BUSINESS WIRE)–The HiGro Group LLC (“HiGro”), through its portfolio company DRS Imaging Services, LLC, has acquired a majority of the assets of docuLynx Inc., a leading provider of Document Management Software and Services. Financial terms of the transaction were not disclosed.
Founded in 2004, docuLynx provides Document Management Software and Solutions (“DMSS”) to a large number of clients across the corporate, education, healthcare and government verticals. docuLynx’ solutions span the entire lifecycle of documents to include services such as image capture and digital conversion, workflow management, document storage, and information governance. The Company manages a tenured client roster of over 200 customers nationwide and a base of over 75 employees.
“DRS is thrilled to begin our partnership with docuLynx as the team delivers its breadth of experience and technology solutions to the world’s most sophisticated and loyal clients. I am excited about the possibilities within the next phase of our company and am also proud to retain a talented group of employees eager to work together to create the nation’s largest independent Document Management Services and Software provider,” said Clifford Newman, Chief Executive Officer of DRS.
“We are ecstatic about supporting the mission that DRS leadership has set. We believe that the docuLynx opportunity along with the company’s organic performance is a strong example of what can happen when HiGro partners with great leaders and teams,” stated Ernest Lyles, HiGro Principal and Co-Founder.
Sidley Austin served as legal advisor to HiGro. OFS Capital Corporation (NASDAQ: OFS) and Modern Bank led the debt financing for the transaction.
Based in Omaha, Nebraska, docuLynx was founded in 2004 and is a provider of document software and technology services to primarily to the Healthcare, Education, Finance and Government verticals. docuLynx has five locations and approximately 75 employees. For more information, please visit: www.docuLynx.com
About DRS Holdings, LLC
Based in Springfield, New Jersey, DRS was founded in 1964 and is a provider of document conversion and technology services to primarily to the Healthcare, Education, Finance and Government verticals. DRS has seven locations and 185 employees. For more information, please visit: www.drsimaging.com
About The HiGro Group
Based in New York, The HiGro Group is a private equity investment firm focused on impact investing in the business and technology services sector. The HiGro Group is minority owned and controlled. The HiGro Group enlists its investor base of ultra high net worth individuals and family offices to structure and invests in traditional buy-outs of well-established companies with potential for high growth. For more information, please visit: www.higrogroup.com.
About Modern Bank
Modern Bank is a privately owned, entrepreneurial bank that provides flexible, competitive and reliable senior debt financing solutions to commercial companies. Modern Bank’s experienced bankers specialize in working with lower middle-market companies and their owners to provide cash flow based financing solutions.
About OFS Capital Corporation (NASDAQ: OFS)
OFS Capital Corporation is a business development company that provides debt and minority equity capital solutions to middle-market companies. The firm offers flexible financing to business owners and proven management teams, helping them achieve targeted growth, liquidity and ownership transition goals. For more information, please visit www.ofscapital.com.