OFS Capital and Modern Bank led debt financing to support DRS Imaging Services’ acquisition of a majority of the assets of docuLynx, a provider of document management software and services. Financial terms of the transaction were not disclosed.
Founded in 2004 and based in Omaha, NE, docuLynx employs over 75 staff members and manages a tenured client roster of over 200 customers across the corporate, education, healthcare and government verticals. Its solutions span the entire lifecycle of documents to include services such as image capture and digital conversion, workflow management, document storage and information governance.
Founded in 1964 and based in Springfield, NJ, DRS has seven locations and 185 employees and provides document conversion and technology services primarily to the healthcare, education, finance and government verticals. It is a portfolio company of The HiGro Group.
“DRS is thrilled to begin our partnership with docuLynx as the team delivers its breadth of experience and technology solutions to the world’s most sophisticated and loyal clients. I am excited about the possibilities within the next phase of our company and am also proud to retain a talented group of employees eager to work together to create the nation’s largest independent Document Management Services and Software provider,” said Clifford Newman, DRS CEO.
“We are ecstatic about supporting the mission that DRS leadership has set. We believe that the docuLynx opportunity along with the company’s organic performance is a strong example of what can happen when HiGro partners with great leaders and teams,” said Ernest Lyles, HiGro principal and co-founder.
Sidley Austin served as legal advisor to HiGro.
OFS Capital is a business development company that provides debt and minority equity capital solutions to middle-market companies.
Modern Bank is a privately owned, entrepreneurial bank that provides flexible, competitive and reliable senior debt financing solutions to commercial companies in the lower middle-market.
