The commercially sensitive data of more than 1,000 companies is managed by this London-based business. It provides records management, digital mailrooms and document digitisation. It scans more than 100m images and processes around 9m letters and emails a month – all of which are made available to clients’ staff via its cloud-based platform.
Chief executive Sam Ferguson, 66, says the company can help make its clients’ handling of customer communications and data 50% more efficient, and ensure they comply with data and industry regulations. Clients span finance, automotive, healthcare and the public sector, and include Avis, HMRC, Prudential and MetLife.
EDM’s big move overseas came in 2013, when it acquired US competitor Diversified Information Technologies for an undisclosed sum. As a result, international sales rose from £3.1m in 2013 to £37.3m in 2015. The group now has 22 facilities across the US, where more than half its turnover is generated, as well as an operation in Barbados.
Originally based in Wolverhampton, EDM was formed in 2003 when private-equity group ECI Partners merged three document-scanning businesses. Private-equity firm LDC invested in the company in 2011, merging it with Sala International the same year in a deal worth £52m.
The group has made four acquisitions in the US and UK over the past three years, including, in 2014, Xit2, which allows mortgage lenders to exchange data with surveyors, solicitors and estate agents. EDM is particularly strong in the US insurance sector, where it services seven of the top 10 firms.
In January, the company secured a £100m loan from its bank and BlueBay Asset Management to fund expansion in North America, the UK and Europe. Ferguson says he plans to use the cash to double turnover and profits in the next two years through organic growth and more purchases. He adds that an IPO in two to three years is a possibility.
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