Two electronic document management software companies Axacore, Inc. based in San Diego and Scrypt, Inc., based in Austin, Texas will merge effective December 31 under the Scrypt name.
Though both companies have EDM technology, Axacore focuses on mortgage lending documents, while Scrypt provides document support for healthcare providers. The two had already partnered for the last five years, according to Axacore vice president Steve DeBlasio, during which Axacore had developed some technologies for Scrypt's platform. But now as a combined company, DeBlasio expects the two firms will be able to innovate faster.
"That's kind of the beauty of it from a customer standpoint," DeBlasio said in an interview, adding that end users will see little change in their service aside from it being, "faster." "They've created certain technologies that could be explored for use in the mortgage space," DeBlasio added.
All 40 combined employees of both companies will be retained and Aleks Szymanski, Scrypt's current chief executive officer, will retain his position to lead the combined companies. Nick Basil, Axacore's chief technology officer, will assume that role with Scrypt.
"Put simply, together, we are more formidable," Szymanski said in the press release announcing the merger. "Both Scrypt and Axacore have been enormously successful in creating compliant cloud and on-premise products for the healthcare and lending industries respectively."
"We're not going anywhere," DeBlasio said. "No one's cashing out, no one's running for the hills."
The new Scrypt will retain its medical document business as it expands into electronic lending documents.