Doxim (http://www.doxim.com), a leading provider of SaaS-based customer engagement software for banks, credit unions and wealth management firms, today announced the acquisition of Intelligent Document Solutions, Inc. (“IDS.com”) of Madison Heights, Michigan.
IDS.com provides secure eDocument and statement solutions to more than 500 banks and credit unions. IDS.com offers the expertise, infrastructure, efficiency and reliability that financial institutions demand from a document solutions provider, plus cutting edge integrated customer communication solutions.
After several years of continuous collaboration to deliver world-class technologies to their respective customers, IDS.com and Doxim have now formalized their partnership. By joining forces with IDS.com, Doxim extends its market reach to over 1,500 financial institutions that serve more than 25 million consumers. With $50 million in combined revenue, Doxim has the resources to continue investing to meet the growing needs of its clients to engage their customers through a single end-to-end digital platform.
“The vision that Doxim is working towards is closely aligned with what IDS.com stands for, and we are excited to become a part of a focused journey to deliver a best-in-class digital customer engagement solution to financial institutions,” said Bill Hayden, CEO of IDS.com “Our clients will benefit from the broad, innovative set of SaaS solutions that Doxim has been offering to the industry. It is a win for our employees, who will have expanded opportunities for professional growth by contributing to Doxim’s culture of innovation and collaboration."
Bill Hayden will continue to provide insights and strategic guidance to the combined company’s leadership team by joining the Doxim Board of Directors as Vice Chairman.
“Our business has been growing in the U.S. for several years, and over that time, I have been increasingly impressed with the business Bill Hayden has built through tireless devotion to quality, integrity, and commitment to IDS.com’s customers. Thanks to Bill and his team, IDS.com has grown to become a leading provider, consistently delivering quality solutions,” said Chris Rasmussen, Founder & CEO of Doxim. “We believe that the Doxim Customer Engagement Platform offers valued additional capabilities to IDS.com clients and their end customers.”
The needs that Doxim addresses with its Customer Engagement Platform are highlighted as key priorities by market executives in a recent CEB, now Gartner, research poll. CEB, now Gartner, writes, "Financial institution executives have indicated the following priorities in their digital transformation initiatives: improving the customer onboarding experience across channels, deploying enhanced analytic capabilities for marketing and sales, and reducing processing time to achieve real-time decisioning." As an organization with a larger geographic footprint and broader customer base, Doxim will be able to drive this digital transformation in the financial services industry quickly and efficiently.
Doxim will leverage the investments made by IDS.com into technology, infrastructure, and talent to offer all of its clients an end-to-end solution for statement processing and customer engagement. The new, combined Doxim will expand its focused investments in R&D, with the goal of staying at the cutting edge of customer needs, which in turn will deepen the reach and adoption of its SaaS-based Customer Engagement Platform. Doxim has a long history of partnering with banks and credit unions, and it looks forward to introducing all current IDS.com clients to the rich capabilities of the Doxim Customer Engagement Platform.
The acquisition was financed with an equity investment from the Doxim founders and management along with Strattam Capital, and debt provided from PNC Bank, N.A., PNC Bank Canada Branch, and funds managed by GSAM Private Credit Group.