KANSAS CITY, Kan. - Union Bank of California has sold its bankruptcy software business, DCI Chapter 7 Solutions Inc., to Electronic Processing Inc. for $10 million in cash.DCI is "quite different from a traditional bank line of business and very different from a technology business," said Christopher E. Olofson, president and chief operating officer of Kansas City-based Electronic Processing. "But we are long-term players in this market. We think [the purchase] is an excellent opportunity."
The market associated with Chapter 7 issues is the largest and fastest-growing one in the bankruptcy business. It generates several billion dollars in asset proceeds, Mr. Olofson said.