Dicom snaps up Valuevad
London-quoted document management specialist Dicom Group has signaled its arrival in the Middle East after snapping up Dubai-based distributor Valuevad. Dicom now plans to release products specifically tailored for the Arabic market.
London-quoted document management specialist Dicom Group has signaled its arrival in the Middle East after snapping up Dubai-based distributor Valuevad. Dicom plans to release products specifically tailored for the Arabic market. Dicom has paid an initial sum of US$500,000 for Valuevad with a deferred payment of US$1m dependent on Valuevad’s future performance — commonly known as an earnout.
Valuevad, founded in 1999, posted sales of US$2m in 2003 with operating profits hitting US$30,000. Dicom has established a Middle East subsidiary, Dicom FZE, to acquire the Valuevad business. Arnold von Büren, CEO of Dicom Group, said: “We are pleased to join forces with a major player in the Information Capture market in the Middle East. The acquisition enables us to expand our geographical presence as well as to better serve our customers. We also plan to release products specifically targeted for the Arabic market.”
Selling through a network of authorised integrators and resellers, Valuevad holds regional distribution rights for a number of vendors including Kodak, Fujitsu, Bell&Howell, Plasmon, Legato and Mediaform. Valuevad’s customer base includes clients in the UAE, Saudi Arabia, Iran, Iraq, Pakistan and Turkey spanning major verticals such as oil and gas as well as financial services.
Dicom bills itself as an ‘Information Capture’ (IC) specialist and markets its products and services through a network of over 1,000 integrators globally, frequently forming a link between vendors and resellers. The company helps clients access information stored on documents such as paper, fax or e-mail and integrate them efficiently into business processes.