Edison Partners announced Tuesday the strategic acquisition and exit of Fairfield-based Archive Systems to Access, a portfolio company of Berkshire Partners.”Archive Systems has been a pioneer in digital document management and the move to the paperless enterprise,” Joe Allegra, general partner of Edison Partners, said in a prepared statement. “Gordon Rapkin and the team have executed on their vision of changing the economics and workflow of digital and physical document management, achieving high-margin digital revenues that far exceed the rest of the records management industry.”
Allegra, according to Edison Partners, led its investment and served on its board, along with director network member Jim Foster, and co-investors Brian Hayhurst and Michael Gozycki of The Carlyle Group.
According to the news release, Archive Systems experienced double-digit growth over the past few years and grew earnings over 60 percent in the last year leading up to the transaction.
“Joe and the Edison team provided the strategic guidance and support to help us to realize our vision,” Gordon Rapkin, CEO of Archive System, said in a prepared statement. “We are extremely proud of the company we have built together and excited for the next phase of our journey as part of Access.”