Asked once what makes a great movie, Alfred Hitchcock replied ‘script, script, script’. Ask someone in legal or financial organizations what makes a great Enterprise Content Management system, chances are ‘compliance, compliance, compliance’ will figure in the answer.
Today’s announcement by Open Text (news, site) that it is entering a partnership with Sydney, Australia-based StoneBridge Systems, a specialist solutions provider of document and web content management, responds to that as compliance pressures in the land-down-under mount.
StoneBridge said it will now be reference selling services for Open Text’s solutions specifically targeting a number of vertical markets including financial based services organizations.
Compliance Pressures Growing
In relation to the deal, Peter Murphy, Director of StoneBridge Systems said that many of their clients are companies in the financial sector. With many of those companies currently under pressure to keep pace with the growing amount of regulatory and compliance requirements, StoneBridge had to provide solutions to help them, he said.
As a result, the company has decided to go the Open Text route which already provides solutions for issues unique to the superannuation, insurance and commercial banking sectors.
Targeting New Markets?
But this appears to be more than just a solution to problems affecting existing clients. Reading between the lines suggests that the partnership is also about extending the reach of Open Text solutions in the financial services industry through StoneBridge, an established player in this field.
Murphy adds in this respect that the partnership with Open Text will allow StoneBridge to “to take the next step in building upon our firm foundation in offering enterprises comprehensive information management solutions.” In business, ‘next steps’ can generally be translated as ‘new markets’.
So what will clients get? Under terms of the partnership, StoneBridge will be able to provide existing and new clients with all the software, development services and implementation services for all Open Text’s content management solutions.
For its part, Open Text is quite clear as to what they expect to get out of the deal. Chris Petersen, Director of Channels with Open Text says the new partnership will specifically target markets that Open Text is not particularly strong in.
How far and how deep into new markets this partnership will allow it to go remains to be seen. Whoever said document management wasn’t interesting?