Dutch Enterprise CMS firm Morningstar Systems, which specializes in the integration of third-party Enterprise CMS products for customers, has been purchased by the IRIS group. They will fork over €2.6m in cash up front and make further payments over the next two years, dependent on the performance of the acquisition over that period. The final price is expected to be 5-7 times Morningstar's EBIT, which is pretty much fair dinkum. Morningstar turned over 3 million euros in 2006, and as of yesterday, IRIS owns the whole kit and kaboodle.Morningstar provides 'Context Management' solutions. Translation: truly end-to-end enterprise CMS solutions. Consultancy, project management, implementation, training, and even software development and system integration are included in their offerings, basically amounting to a one-stop-shop for clients pursuing full-scale CMS deployment. Or indeed for enterprises pursuing smaller-scale projects like setting up workflow management, for instance, or information compliance architecture.
The Enterprise solutions are third party; the company is a reseller of Open Text's Livelink Enterprise CMS, Worksite ECM and Interaction CRM, amongst others. Morningstar’s customers are primarily European, with such heavyweights as ABN Amro, Siemens, Nortel, and innumerable legal organizations.
IRIS Group, meanwhile, has its fingers in a number of pies, but concentrates mainly on converting paper documents into electronic formats and storing/sharing this digital information.
IRIS also 'implement[s] complex IT infrastructure'. I can only imagine what they mean by that. Whatever it is, it presumably helps the company on the way to an annual turnover of €80-odd million, and keeps their 400+ employees in three European offices (plus one in Florida!) busy.
Marc Gelissen, Operations manager of Morningstar, stated: "In a market where only some larger players will emerge, we were looking for the best possible partner for Morningstar. I.R.I.S. is a leading European specialist in the ECM market, with a clear strategy, a strong product portfolio in high-end scanning and recognition products, and a very solid know-how in large projects. We have a very good feeling about our mutual fit with I.R.I.S.'s management with whom we share values and vision."
Visit the IRIS website here -- but only if you have half an hour to spare to tell them where you are and what language you speak. If, after all that, you have the strength to visit Morningstar, you will find them here.
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