Cherry Tree Advises docuLynx on its Sale to DRS Imaging Services

Transaction Description
In December 2018, The HiGro Group announced that its portfolio company DRS Imaging Services had acquired a majority of the assets of docuLynx, Inc., a leading provider of Document Management Services and Software.  Founded in 2004, docuLynx provides Document Management Software and Solutions ("DMSS") to a large number of clients across the corporate, education, healthcare and government verticals. docuLynx' solutions span the entire lifecycle of documents to include services such as image capture and digital conversion, workflow management, document storage, and information governance. The Company manages a tenured client roster of over 200 customers nationwide and a base of over 75 employees.

"DRS is thrilled to begin our partnership with docuLynx as the team delivers its breadth of experience and technology solutions to the world's most sophisticated and loyal clients. I am excited about the possibilities within the next phase of our company and am also proud to retain a talented group of employees eager to work together to create the nation's largest independent Document Management Services and Software provider," said Clifford Newman, Chief Executive Officer of DRS.

"We are ecstatic about supporting the mission that DRS leadership has set. We believe that the docuLynx opportunity along with the company's organic performance is a strong example of what can happen when HiGro partners with great leaders and teams," stated Ernest Lyles, HiGro Principal and Co-Founder.

Cherry Tree & Associates served as exclusive investment banking advisor to docuLynx in the transaction.

About docuLynx 
Based in Omaha, Nebraska, docuLynx was founded in 2004 and is a provider of document software and technology services to primarily to the Healthcare, Education, Finance and Government verticals. docuLynx has five locations and approximately 75 employees. For more information, visit

About DRS
Based in Springfield, New Jersey, DRS was founded in 1964 and is a provider of document conversion and technology services primarily to the Healthcare, Education, Finance and Government verticals. DRS has seven locations and 185 employees. For more information, visit

About The HiGro Group
Based in New York, The HiGro Group is a private equity investment firm focused on impact investing in the business and technology services sector. The HiGro Group is minority owned and controlled. The HiGro Group enlists its investor base of ultra high net worth individuals and family offices to structure and invests in traditional buy-outs of well-established companies with potential for high growth.  For more information, visit 

About Cherry Tree & Associates
Cherry Tree & Associates is a private investment banking firm headquartered in Minneapolis, Minnesota. Founded in 1980, it specializes in M&A transactions for both buyers and sellers of middle market companies. Additionally, it conducts private placements for attractive, entrepreneurially-managed growth companies, provides strategic advisory services to CEOs and boards of directors, and prepares fairness opinions and other valuation services. For more information, visit
Cherry Tree Deal Team

Ben Ikeda
Vice President
(952) 253-6015
Cherry Tree Contacts

Elmer Baldwin
Senior Executive Director 
(952) 253-6001
John Bergstrom
Managing Director
(651) 227-9758

Chuck Gorman
Senior Executive Director 
(952) 253-6008

Steve Ruelle
Managing Director 
(952) 253-6036

Tony Christianson
Managing Partner
(952) 253-6003

Cherry Tree & Associates, LLC,  301 Carlson Parkway, Suite 103,  Minneapolis, MN 55305
Phone: (952) 893-9012 |

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Important Disclosures
The information included in this publication has been obtained from public sources, and is not based upon private or confidential Cherry Tree information. Cherry Tree gathers its data from sources it considers reliable. However, it does not guarantee the accuracy or completeness of the information provided within this publication. Any opinions presented reflect the current judgment of the authors and are subject to change. Cherry Tree makes no warranties, expressed or implied, regarding the accuracy of this information or any opinions expressed by the authors. Officers, directors, partners of Cherry Tree and Cherry Tree proprietary investment funds may have positions in the securities of the companies discussed, and certain affiliates of Cherry Tree may recommend to specific clients the purchase and sale of securities discussed in the publication.  This publication does not constitute a recommendation with respect to the securities of any company discussed herein, and it should not be construed as such. Cherry Tree or its affiliates may from time to time provide investment banking or related services to these companies. Like all Cherry Tree employees, the authors of this publication receive compensation that is affected by overall firm profitability. We undertake no obligation to update any information in this publication.