Xiotech acquires Daticon in Bankruptcy Transaction
Boston, MA, February 22, 2006 – Mirus Capital Advisors, Inc., a middle-market investment bank, announced today that it has advised Daticon Inc., a leading provider of electronic discovery and document conversion services based in Norwich, CT, on the sale of its business for $30 million to Xiotech Corporation, a leading storage technology company headquartered in Eden Prairie, MN. Under the agreement, Daticon will continue to operate independently as Daticon, a Xiotech Company.
“Daticon is a pioneer in a hot market space, which made the company a very attractive acquisition prospect,” said David Hoffer, the Mirus partner who managed the transaction. “The sale positions Daticon for growth while giving Xiotech a jumpstart into this very promising market sector.”
“Over the past few years, Daticon has achieved national recognition as one of the leading providers of electronic data and paper discovery services for law firms and corporate legal departments,” said Daticon President Bill Zambarano. “This is an exciting time, and we look forward to enhancing our position in our current market and to taking advantage of new market opportunities that a combined Daticon and Xiotech are uniquely positioned to pursue.”
Xiotech is a portfolio company of Oak Investment Partners. The combined company now has approximately 500 employees based primarily in Eden Prairie, MN; Norwich, CT; Vancouver, WA; and Hyderabad, India.
Since 1993, Daticon, Inc. has provided document review and management services for law firms, corporations, and government agencies involved in complex litigations, mergers, or compliance matters. The company?s innovative services and flexible technology solutions meet the specialized needs of professionals throughout the industry. Daticon is headquartered in Norwich, CT, with sales offices in Norwich, NY, and Washington, D.C.
About Mirus Capital Advisors
Mirus Capital Advisors, Inc. provides investment banking solutions to middle market corporations in targeted technology, manufacturing, and service industries. The firm’s services include merger advisory, private equity raising, and valuation services for entrepreneurs, corporations and professional financial investors. Additional information about the firm is available on its Web site www.merger.com.Back to Transactions