Enterprise content management (ECM) vendor Open Text has snapped up document management software specialist Captaris for $131m (£74m).

The deal is subject to customary closing conditions and approval by Captaris' shareholders and is expected to close before the end of 2008. Captaris specialises in document and data capture products which allow users to convert paper documents into digital content.

This is not the first time this year the company has attracted admiring glances from potential suitors. In March the firm received a $125m offer from San Franciscan private equity firm Vector Capital, which was allowed to expire.

Open Text chief executive John Shackleton said: "Captaris’ technology will strengthen Open Text’s ECM solutions by providing another on-ramp for integrating content into our ECM solutions. We are committed to continuing Captaris’ products, and partner and customer support."

David Anastasi, Captaris chief executive, added: "After a thorough evaluation of strategic alternatives, the Captaris Board of Directors believes that today’s announcement provides value for our shareholders and the certainty of cash.

"Captaris today has a significant customer base, broad distribution capabilities and major strategic partnerships. Together with our shareholders, our customers, partners and employees will benefit as Captaris combines with Open Text, a market leader with the financial strength to take our company to the next stage in its evolution."