Equitrac
Encyclopedia
Equitrac is a global software company that provides document cost management (auditing, allocation, recovery) and output management solutions for printers, copiers and multifunction devices. Its target markets are professional services firms, general office and enterprise plus hospitality and higher education. The company has more than a 70% market share among large law firms.
Equitrac is headquartered in Plantation, Florida
; has offices in the US, Canada
and Europe
and global distribution via a network of distributors and resellers. The company is a Microsoft Silver Certified Partner.
, Ricoh
, Canon and Sharp
. That switch also ushered in a fundamental shift in how Equitrac earned its money: while previously it helped companies track costs that would later be charged back to clients, now Equitrac helps those firms cut paper and ink costs.
In 1999, top executives of the publicly traded firm wanted to cash out but found the thinly traded shares were nearly non-liquid. Eventually, New York
-based private equity firm Cornerstone Partners purchased Equitrac and took it private. The $74 million purchase was financed in part by the shares of the executives, but mostly with $24.6 million from Cornerstone and $44 million in loans.
In 2000 Equitrac acquired Software Metrics Inc. based in Waterloo, Ontario
, near several universities with strong software programming curricula, who had been working with Equitrac since 1998 under a technology licensing agreement.
In 2002 Michael Rich joined the company as CEO. Rich had previously run Ernst & Young's law firm consulting practice, helped launch AT&T
's Internet business and ran the publicly held NetSpeak Corporation in Boca Raton. To cut costs at Equitrac, he outsourced its hardware business to Celestica
, centralized its software development and technical support at the former Software Metrics location and shuttered its Florida
manufacturing plant and software development centres. In 2004, the company relocated its 80 South Florida employees from Coral Gables
to Plantation.
In 2005 Rich was ranked one of the top CEO's in Florida by the South Florida's CEO magazine. In addition, Mr. Rich has done numerous press conferences with various public figures such as Florida Governor Jeb Bush
and former Speaker of the House Newt Gingrich
.
and software items, although Equitrac is known for its PageCounter line of document management console
s.
For the general office environment Equitrac market their Equitrac Office product and for educational establishments and universities Equitrac offer Equitrac Express. Both Office and Express are based on the same core module with specific features alined to each market segment.
Equitrac is headquartered in Plantation, Florida
Plantation, Florida
Plantation is the name of the following places in the U.S. state of Florida:*Plantation, Florida, a city in Broward County; the largest of the places named "Plantation" in Florida*Plantation, Sarasota County, Florida, a census-designated place...
; has offices in the US, Canada
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
and Europe
Europe
Europe is, by convention, one of the world's seven continents. Comprising the westernmost peninsula of Eurasia, Europe is generally 'divided' from Asia to its east by the watershed divides of the Ural and Caucasus Mountains, the Ural River, the Caspian and Black Seas, and the waterways connecting...
and global distribution via a network of distributors and resellers. The company is a Microsoft Silver Certified Partner.
History
The company was launched by John Kane and George Wilson in 1977 as a regional distributor of copier control systems with five employees. It was long best known for selling the hardware that attaches to photocopiers and tracks their use for billing law firms' clients. In the 1980s, Equitrac was twice named to the INC. 500 list as one of the country's fastest growing private companies. In 1991 it bought out its largest competitor, and then in 1992 went public and was listed on the NASDAQ Exchange.Strategy Shift
Technology has advanced since Equitrac's founding, but the promise of a "paperless" office never materialized. Instead, offices use more paper than ever before, racking up increasingly large copying and printing bills. Equitrac changed gears to solidify its lead and grab more market share. The company began diversifying by developing software embedded in networked copiers, printers and multifunction devices, from manufacturers such as XeroxXerox
Xerox Corporation is an American multinational document management corporation that produced and sells a range of color and black-and-white printers, multifunction systems, photo copiers, digital production printing presses, and related consulting services and supplies...
, Ricoh
Ricoh
or Ricoh, is a Japanese company that was established in 1936 on February 6th, as , a company in the RIKEN zaibatsu. Its headquarters is located in Ricoh Building in Chūō, Tokyo....
, Canon and Sharp
Sharp Corporation
is a Japanese multinational corporation that designs and manufactures electronic products. Headquartered in Abeno-ku, Osaka, Japan, Sharp employs more than 55,580 people worldwide as of June 2011. The company was founded in September 1912 and takes its name from one of its founder's first...
. That switch also ushered in a fundamental shift in how Equitrac earned its money: while previously it helped companies track costs that would later be charged back to clients, now Equitrac helps those firms cut paper and ink costs.
In 1999, top executives of the publicly traded firm wanted to cash out but found the thinly traded shares were nearly non-liquid. Eventually, New York
New York
New York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
-based private equity firm Cornerstone Partners purchased Equitrac and took it private. The $74 million purchase was financed in part by the shares of the executives, but mostly with $24.6 million from Cornerstone and $44 million in loans.
In 2000 Equitrac acquired Software Metrics Inc. based in Waterloo, Ontario
Waterloo, Ontario
Waterloo is a city in Southern Ontario, Canada. It is the smallest of the three cities in the Regional Municipality of Waterloo, and is adjacent to the city of Kitchener....
, near several universities with strong software programming curricula, who had been working with Equitrac since 1998 under a technology licensing agreement.
In 2002 Michael Rich joined the company as CEO. Rich had previously run Ernst & Young's law firm consulting practice, helped launch AT&T
AT&T
AT&T Inc. is an American multinational telecommunications corporation headquartered in Whitacre Tower, Dallas, Texas, United States. It is the largest provider of mobile telephony and fixed telephony in the United States, and is also a provider of broadband and subscription television services...
's Internet business and ran the publicly held NetSpeak Corporation in Boca Raton. To cut costs at Equitrac, he outsourced its hardware business to Celestica
Celestica
Celestica Inc. is a multinational electronics manufacturing services company headquartered in Toronto, Canada. Celestica’s global manufacturing network comprises more than 40 locations in 11 countries in the Americas, Europe and Asia, supplying a wide variety of leading OEMs...
, centralized its software development and technical support at the former Software Metrics location and shuttered its Florida
Florida
Florida is a state in the southeastern United States, located on the nation's Atlantic and Gulf coasts. It is bordered to the west by the Gulf of Mexico, to the north by Alabama and Georgia and to the east by the Atlantic Ocean. With a population of 18,801,310 as measured by the 2010 census, it...
manufacturing plant and software development centres. In 2004, the company relocated its 80 South Florida employees from Coral Gables
Coral Gables, Florida
Coral Gables is a city in Miami-Dade County, Florida, southwest of Downtown Miami, in the United States. The city is home to the University of Miami....
to Plantation.
In 2005 Rich was ranked one of the top CEO's in Florida by the South Florida's CEO magazine. In addition, Mr. Rich has done numerous press conferences with various public figures such as Florida Governor Jeb Bush
Jeb Bush
John Ellis "Jeb" Bush is an American politician who served as the 43rd Governor of Florida from 1999 to 2007. He is a prominent member of the Bush family: the second son of former President George H. W. Bush and former First Lady Barbara Bush; the younger brother of former President George W...
and former Speaker of the House Newt Gingrich
Newt Gingrich
Newton Leroy "Newt" Gingrich is a U.S. Republican Party politician who served as the House Minority Whip from 1989 to 1995 and as the 58th Speaker of the U.S. House of Representatives from 1995 to 1999....
.
Acquisition
In May 2011, Nuance Communications, Inc. announced plans to acquire Equitrac for $157 million USD. The deal closed in July 2011.Products
Among Equitrac's product lines are both hardwareHardware
Hardware is a general term for equipment such as keys, locks, hinges, latches, handles, wire, chains, plumbing supplies, tools, utensils, cutlery and machine parts. Household hardware is typically sold in hardware stores....
and software items, although Equitrac is known for its PageCounter line of document management console
Console
- Computing and video games :* System console, a physical device to operate a computer** Virtual console, a user interface for multiple computer consoles on one device** Command-line interface, the typical use of the computer console...
s.
Software
Equitrac's software offerings include Equitrac Professional, a document accounting and cost management tool, marketed toward large legal and AEC companiesFor the general office environment Equitrac market their Equitrac Office product and for educational establishments and universities Equitrac offer Equitrac Express. Both Office and Express are based on the same core module with specific features alined to each market segment.