Standard&Poor's Ratings Services' ratings on Westlake, Ohio-based Hyland Software Inc. reflect the company's limited operating scale and participation in the highly competitive and fragmented enterprise content management (ECM) market. Hyland's predictable and recurring revenue stream stemming from high renewal rates, and favorable business segment growth, provide stability for the rating, but the company's second-tier position in the ECM market and its limited revenue and EBITDA base constrains ratings upside. Hyland provides ECM software solutions that enable organizations to manage, control, and share unstructured content (text, images, e-mails, and digital content). The company derives revenues from the sale of software licenses and by providing maintenance and professional services. Debt outstanding at June 30, 2010, totaled about $96.3 million. Within
