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 are offset partially by Hyland's predictable and recurring revenue stream stemming from high renewal rates and favorable business segment growth. With 2007 revenues of about $100 million, Hyland provides ECM software solutions that enable organizations to manage, control, and share unstructured content (i.e. text, images, e-mails, digital content, etc.). The company derives revenues from the 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. The industry is
