FormWare, Wheb Systems merge
Creating what is easily the biggest forms processing vendor, FormWare and Wheb Systems have merged. The new company, Captiva Software, will have combined annual revenues of $25 million and 125 employees. FormWare president Reynolds Bish will become president and CEO of Captiva; Wheb president Randall Hawks will become chairman of Captiva's board of directors.
While both companies offer forms processing solutions, their products and business operations rarely overlap. FormWare has best-of-breed recognition and image processing technology, and has deep roots in medical claims processing and service bureaus. Wheb offers processing solutions for credit card applications, orders and state and local tax forms in the financial services, insurance and transportation vertical markets. On the product side, FormWare is strong in rapid application development, forms identification, image data entry and reject repair, whereas Wheb has strong form design, workflow, database and integration capabilities.
Their channel strategies are also discrete. FormWare goes to market through AMS, Banctec, DST, FileNet, Scan-Optics and Input Software, while Wheb Systems has relationships with EDS, Unisys and Wausau Financial, and integrates with document management solutions from FileNet, Unisys and Eastman Software.
Bish says Captiva Software will command about 20% of the forms processing market, currently populated by small, fast-growing companies. "The market is prime for consolidation, and we intend to drive that consolidation to secure our position as the clear leader in the industry," he said.