The ratings on Westlake, Ohio-based Hyland Software Inc. reflect the company's focus on the fragmented and competitive enterprise content management (ECM) market, its limited revenue and EBITDA base, and aggressive financial profile. Hyland's predictable and recurring revenue stream stemming from high renewal rates, and favorable business segment growth partially offset these factors. Hyland provides ECM software solutions that enable organizations to manage, control, and share unstructured content (i.e., text, images, emails, and digital content). The company derives revenues from the sale of software licenses and by providing maintenance and professional services. Debt outstanding at Sept. 30, 2008, totaled about $98 million. Within the fragmented ECM market, Hyland typically targets small to midsize businesses through a combination of direct sales and
