Peladon Software, out of San Diego, has got a pretty nice buyout from U.K.-based DRS. Peladon is the intelligent forms processing sofware developer that was founded by some former Mitek employees, as well as a U.K.-based Mitek partner. Peladon has created a fairly effective IDR application working with a variety of recognition engines. Peladon has a “high-confidence character inspection” module that we featured in a post-AIIM issue.
Peladon seemed to have a decent install base in the U.K. and had one big U.S. customer in SunGard. They sold the company for what looks like $4-5 million to English service bureau and forms processing sysems specialist DRS. DRS, to me, seems like an English version of Scantron.
DRS paid a good healthy price(about 2 1/2 times revenue). I also think Peladon has some good software. This is more evidence of the health of the capture space and the valuation that some of the advanced technologies have. RG
