Document services Scrypt and Axacore to merge
Streamlining and securing documents is a major marketplace in the tech sphere, with more and more firms relying on cloud-based solutions for records and other materials. Two companies in the field have agreed to a merger: Axacore, Inc., a San Diego-based mortgage document management firm and Scrypt, Inc., a healthcare document company based in Austin, Texas.
The merger is the culmination of a five-year partnership, according to Mortgage Technology. Recently, Axacore has developed new platforms and technologies to support Scrypt's growth, so a merger appears to be a natural progression from casual collaboration to formal absorption. The merged company will retain the Scrypt name, with restructuring and consolidation initiatives to begin early this year.
"Put simply, together, we are more formidable," said Aleks Szymanski, CEO of Scrypt. "Both Scrypt and Axacore have been enormously successful in creating compliant cloud and on-premise products for the healthcare and lending industries respectively. This merger enables us to blend our resources and expertise to innovate faster and deliver customer value in these sectors way beyond what we could achieve individually."
The coupling of lending data and health care records may seem odd at first, but the two firms have similar goals for customers: security and efficiency. By combining their insights and experience enhancing that service for their clients, Scrypt can save years of development and consulting through third parties. In this case, Axacore is an award-winning firm with expertise that can fortify Scrypt's offerings among a dynamic field of competitors.
The merger is a reminder that companies with a fruitful partnership may consider combining resources once the timing is right and capital becomes available. Joining forces, Scrypt and Axacore will move forward with more clout to innovate.