Interface Now -
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Published on: 12/27/2001
Last Visited: 1/4/2002
"This is a back-end component that is a complementary technology to our product," said Andrew Ko, Lexign's director of business development.
In July, Zions spent $50 million in cash and stock to acquire Nashua-based IcomXpress, ThinkXML in Rockville, Md., and E-Lock Technologies of Fairfax, Va., to form Lexign.The merged trio brings together content management, legally binding protection for electronic transactions, and XML.The bulk of Lexign's 150 employees are based in Nashua.
The combination of Lexign's software suite with Software AG's XML storage, data exchange, and integration offerings is intended to provide organizations with extended security signing and storing documents via the Web.Lexign software is designed to provide end-to-end, secured electronic transaction management, allowing the user to control how each transaction is processed while verifying and recording the people who touch it along the way.
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According to Ko, Lexign brings more than 2,500 customers worldwide to the partnership.
With a focus on the health care, financial, and public sector (both federal and state) markets, Ko sees an increased value in partnering these companies' products.
"Some might wonder why Zions acquired technology companies," said Ko, "It's like the railroads realizing they weren't in the railroad business but in the transportation business, Zions isn't just in banking but in the trusted transactions business."
Lexign purports to be the first in the industry to deliver an end-to-end product compliant with the Electronic Signatures in Global and National Commerce Act (ESIGN), which took effect on Oct. 1 to formalize and set standards for electronically formed agreements.The law affirms that a signature ‹ the linchpin of a binding written contract ‹ is as valid composed of electronic impulses as it is written with ink on paper.
In the third quarter of 2001, Zions reported a net income of $75.4 million and $211.1 million for the year to date.The corporation, which operates 400 full-service bank offices in the U.S., reported total assets at $21.5 billion for fiscal 2000.http://www.interfacemonthly.com/tech.taf? function=detail&news uid1=12%2F27%2F2001%2008%3A06%3A53%20AM& UserReference=B375134F5D79C8C0BFDFDB95#