TECHNOLOGY : FileNet Introduces Software Package to Broaden Its Markets
FileNet Corp. in Costa Mesa got its start making computer hardware designed to create the “paperless” office. Now the company is trying to broaden its markets by getting into the computer software area.
The company is announcing this week a software package that it says will expand the reach of its document image processing systems to wider groups of white-collar workers.
To date, FileNet’s WorkFlo software for personal computers has been marketed to administrative or clerical workers who perform relatively structured tasks such as writing customer service letters. The software enables workers to store documents on their computers and manipulate them on a screen.
The company hopes that its new software, called FolderView, will help to expand its potential customers to include people who have more complicated, less-structured work routines, said Jordan Libit, vice president of marketing.
The software, developed over three years, will be marketed to middle managers, service industry professionals, analysts and researchers, engineers and other technicians.
“Ninety percent of the paper handled by professionals is not relevant to their decision-making process,” Libit said. “Gathering the critical 10% is what consumes much of their time and talent.”
The software is designed to help people who must sort vast piles of documents and compile reports from them. It will sell for $795 and runs on personal computers equipped with Windows 3.0 graphic user interface and a basic FileNet system that sells for $935.
Ian Gilson, an analyst at the Irvine investment bank L.H. Friend, Weinress & Co., estimates that FolderView could generate several million dollars a quarter for FileNet after it begins shipping the product in July.
“It solidifies their leadership position against competitors,” Gilson said. “No one else has announced a similar product. I think this will have more of an impact on their sales in 1993.” Gilson estimated that FileNet’s revenue will grow to about $145 million in 1992, up from $122.5 million in 1991. He estimated that earnings per share could rise to $1.15, up from about 75 cents in 1991.
