Doxim, a Markham-based SaaS company focused on developing software for financial institutions, announced that it has acquired Market Connections Inc. (MCI) to extend its reach into the North American wealth management and banking spaces.
Toronto-based MCI specializes in customer communications and campaign management technology. Doxim said the acquisition will also assist it with investing in its customer engagement suite of solutions.
“Doxim’s goal has always been digital transformation for the entire company, not just document operations.”
“The Doxim offerings will be expanded in several ways, we will incorporate the new expertise around some of the wealth management documents and reports that are new to Doxim and will develop the optimal strategy for utilizing the campaign management expertise that MCI has gained through their 25-plus year history,” Chris Rasmussen, CEO of Doxim said.
MCI has developed solutions that include the multi-channel delivery of high-volume documents, such as statements, confirms, and taxes. Doxim told BetaKit that, in the short term, the integration of MCI will include evaluating its new products and platforms to incorporate it into the Doxim Customer Engagement Platform. With the acquisition, Rasmussen said Doxim is also adding a number “top tier Canadian wealth management firms, as well as high-profile clients in the US credit union space,” to its customer base.
Before acquiring MCI, Doxim acquired seven other businesses, that have expanded its services into areas like CRM, onboarding and email marketing. “As a founder, I have always envisioned that Doxim will be playing a role in digitizing all processes that impact customer experience,” Rasmussen told BetaKit. “Our eight acquisitions have all been integral pieces of the puzzle.”
When it was first founded in 2000, Doxim started with electronic document management, and the digital and print delivery of critical business documents. Rasmussen noted, however, that company’s goal has always been digital transformation for the entire company, not just document operations.
Through acquisitions, Doxim has expanded its original offerings by adding a customer relationship management system, an on-boarding business process management solution (that has assisted in its account opening and loan origination solutions), email marketing, and multiple electronic document delivery offerings.
“The role of MCI in this omnichannel engagement vision is very clear. In addition to adding more media types (or document types) to our set of capabilities, we are adding expertise around more channels, including modern marketing best practices for 1:1 communication and social media,” Rasmussen said.
Doxim also plans to grow its employee base from 400 to 500, as it plans to hire more than 80 new staff, with the majority of the positions focused on innovation within the product management, research and development, and customer success teams.
In March, it was announced that GI Partners had acquired a majority stake in Doxim, from Strattam Capital, a private equity firm focused on scaling business IT companies. In 2014, Doxim was also listed as a Deloitte Technology Fast 50 company, placing 37th.
Rasmussen said Doxim is looking forward to welcoming more companies to the Doxim family in 2019.
Featured image via Pixabay.