Captaris stops providing information to Vector Capital

By Lisa Kerner

Charlotte, N.C., Jan. 25 - Captaris, Inc. stopped providing non-public information to Vector Capital III, LP and terminated dialogue with the investor on Jan. 23.

Vector and Captaris had entered into a confidentiality agreement on Sept. 12, according to a schedule 13D filing with the Securities and Exchange Commission.

As a result, Vector must "abandon this path of encouraging the company to maximize shareholder value through a possible merger, sale of the company's assets, consolidation, business combination or a recapitalization or refinancing," the filing stated.

Vector continues to believe that Captaris' shares are undervalued and that the company is "pursuing a flawed and distracting acquisition strategy."

The investor owns 2,689,960 shares, or 10.095%, of the company's outstanding stock.

Captaris, based in Bellevue, Wash., develops software products that manage documents electronically and automate business processes.

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