Databank IMX, a portfolio company of Svoboda Capital Partners, has acquired Cogniserv, a document scanning company. The transaction is the fifth add-on acquisition for Databank since Svoboda first invested in the company in January 2011.
Cogniserv is a document scanning services company, focused on document imaging, workflow, data capture and enterprise content management. The company serves a variety of industries including state and local government, energy and healthcare. Cogniserv was founded by Brian Rathe and Prabhu Karunakaran and is headquartered in Dallas with an additional office in Houston (cogniserv.com).
Post transaction, Mr. Rathe and Mr. Karunakaran will join the management team at Databank. “Our team is very excited to join the DataBank family and we look forward to working together to combine and leverage our unique strengths across a larger organization,” said Mr. Rathe. “Cogniserv customers will benefit from an expanded solution offering of business process automation services including digital mailroom and application process outsourcing.”
DataBank is a service provider of outsourced imaging and information services, including document scanning, indexing, physical and electronic document storage, and software to manage information. The company operates a network of BPO imaging production centers with locations in Maryland, Massachusetts, Connecticut, Indiana, Texas, Louisiana, Florida, California, Minnesota and Nebraska. Across this network, DataBank serves clients in several verticals, including Healthcare, Education, Oil/Gas, and Government sectors, and also provides Shared Services (accounts payable processing, HR/pension records) across various industries. DataBank is headquartered northeast of Washington, DC in Beltsville, MD (www.databankimx.com).
Svoboda Capital Partners invests from $10 million to $20 million in business services, value-added distribution, and consumer products companies that have revenues from $10 million to $100 million and EBITDAs from $3 million to $15 million. The firm was founded in 1998 and has over $300 million of capital under management. Svoboda Capital is based in Chicago (www.svoco.com).
2014 PEPD • Private Equity’s Leading News Magazine • 7-18-14