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State College Document Management Software Company Sold

Posted on: Saturday, 23 July 2005, 03:00 CDT

Jul. 22--STATE COLLEGE -- Optical Image Technology Inc. was acquired by Companion Capital Management Inc., a subsidiary of BlueCross BlueShield of South Carolina, on June 30.

The company will continue to do business from its State College office, maintaining its existing management and employees. The company has close to 50 employees.

"It's a very strategic move," said Ron Pritchard, OIT's chief operating officer.

The nearly 20-year-old company develops the DocFinity suite of document management software that is used in a variety of industries. The software allows companies to electronically capture, store and index organizations' paper-based documents and files.

Companion manages the financial side of parent company BlueCross BlueShield of South Carolina. It was looking for strong companies with competitive products to acquire, Pritchard said.

"They're a very large user of our products already and have come to us out of a lot of success in these regards," Pritchard said.

Mike Mizeur, president of Companion, said OIT's products will increase BlueCross BlueShield's efficiency. He expects the technology to gain momentum with the new ownership.

"Its customer base will continue to expand at a high growth rate as more and more organizations, large and small, get into automatic workflow and document imaging technology," he said.

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Copyright (c) 2005, The Centre Daily Times, State College, Pa.

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Source: Centre Daily Times (State College, Pa.)

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