Xerox Corp. says it has agreed to pay $32 million to acquire Advectis Inc., the Atlanta-based provider of the BlitzDocs suite for mortgage lenders, brokers and investors.

Xerox’s expertise in automating document processes is “an ideal fit” with Advectis’ BlitzDocs paperless solution for mortgages, said John Kelly, president of Xerox Global Services North America, in a press release. “In an industry that is ripe for change, Advectis offers technology that improves productivity for its users while giving lenders better control of their processes.”

Advectis’ Web-based BlitzDocs Collaboration Suite helps lenders, brokers and investors collaborate in managing the underwriting, auditing, delivery and archiving of electronic loan documents. BlitzDocs’ electronic loan folders are set up to mirror the paper folders still used by many lenders, but allow mortgage documents to be viewed and processed online.

Advectis claims it’s helped manage more than 1 million loan folders since the company was founded in 2000, through a network that today includes more than 35,000 broker shops, the top seven mortgage insurance companies and four of the top due diligence providers.

All Advectis employees are expected to join Xerox, and Advectis founder Gregory Smith will continue to lead the Advectis business reporting directly to Kelly, the companies said.

While Advectis will become part of Xerox Global Services, the BlitzDocs Collaboration Suite will retain its brand, Xerox said.

Xerox said its all-cash purchase of Advectis includes an additional performance-based incentive to the sale price, and that the acquisition is expected to close within 30 days.

Xerox, which offers document consulting and outsourcing services, records management and digital imaging, said it is pursuing an acquisition strategy in which it identifies successful companies that are a good fit with the company.

Citing an estimate by business process outsourcing analysts at NelsonHall, Xerox said the global mortgage outsourcing market is worth $11 billion.

“We believe that the recent challenges in the mortgage industry will encourage lenders to adapt new technological solutions that improve efficiency while managing underwriting risks through increased documentation requirements,” Xerox said in a fact sheet explaining the sale to investors.

Xerox noted a TowerGroup estimate that document management costs in loan origination totaled $3.2 billion last year.

Show Comments Hide Comments


Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription