The ratings on Westlake, Ohio-based Hyland Software Inc. reflect the company's focus on a fragmented and competitive enterprise content management (ECM) market, the presence of larger players with better financial resources, and high leverage. These factors partly are offset by its predictable and recurring revenue stream, stemming from high renewal rates and favorable business segment growth. Hyland provides ECM software solutions that let organizations manage, control, and share unstructured content (i.e. text, images, e-mails, digital content, etc.) The company derives revenues from sale of software licenses and by providing maintenance and professional services. The ECM market is fragmented, and includes larger and broader vendors with stronger financial profiles. While the industry is fragmented, Hyland targets small- to medium-sized businesses with
