Content management software vendor Interwoven Inc has paid up to $18.3m for Scrittura Inc, which offers document automation technology and straight-through processing for the non-exchange-based trading operations of financial services institutions.
It said that a result of the acquisition, it will be the first ECM vendor to offer a complete solution for the automation of over-the-counter derivatives trading.
Interwoven is paying $16.3m and up to $2m of additional cash if targets are met by the end of this year. The acquisition is expected to be dilutive to earnings in the third quarter by approximately $0.03 to $0.06 per share.
Financial services is one of Interwoven’s target markets, and with the addition of Scrittura’s customer base, it said its customers now include 19 of the top 25 financial services companies on the Financial Times 500 list.