HENDERSON, Nev., Oct. 4, 2022 /PRNewswire/ -- Research Solutions, Inc. (NASDAQ: RSSS), a pioneer in providing cloud-based workflow solutions for R&D driven organizations, announced today that it will acquire selected customer contracts for the AutoDoc service of FIZ Karlsruhe ("FIZ"), the only European full-service document delivery supplier with central billing and international delivery. AutoDoc has about 700 global customers, approximately 400 of which are active on a TTM basis. AutoDoc provides services in more than 30 countries, the top three of which are Germany, Japan, and the US.
"The acquisition of FIZ Karlsruhe's AutoDoc customers provides us with an increase in transaction revenues and a cross-sell opportunity to upgrade those customers to our full Article Galaxy Platform," said Roy W. Olivier, President and Chief Executive Officer of Research Solutions. "This transaction serves to expand our customer base, both in size and geography, while we continue to look at larger M&A opportunities that can add recurring revenue and Adjusted EBITDA to the business, while accelerating our product and business strategy."
FIZ will be terminating their AutoDoc offering and the transaction provides the opportunity for any customer that has transacted through AutoDoc in the last three years to have their contract assumed by Research Solutions. AutoDoc's customers have been notified they can opt to have Research Solutions assume their contract effective January 1st, 2023.
"Given the assumed contracts will not transfer over to us until January 1, 2023, we will not recognize revenue from this transaction until the start of our fiscal third quarter," said Research Solutions Chief Financial Officer, William Nurthen. "We will provide further details on expected revenues from the transaction as we gain more insights into the contracts that will be assumed."
About Research Solutions
Research Solutions, Inc. (NASDAQ: RSSS) provides cloud-based technologies to streamline the process of obtaining, managing, and creating intellectual property. Founded in 2006 as Reprints Desk, the company was a pioneer in developing solutions to serve researchers. Today, more than 70 percent of the top pharmaceutical companies, prestigious universities, and emerging businesses rely on Article Galaxy, the company's SaaS research platform, to streamline access to the latest scientific research and data with 24/7 customer support. For more information and details, please visit www.researchsolutions.com
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SOURCE Research Solutions, Inc.