FileNet Corporation (NASDAQ:FILE) announced general availability of the latest release of its FileNet Records Manager suite, version 3.5. Featuring newly developed capabilities called Intelligent Retention and Content Federation Services, FileNet Records Manager now offers business users enhanced out-of-the-box flexibility to meet compliance goals across multiple content repositories and legal jurisdictions. FileNet also announced that they have entered into an agreement to acquire Yaletown Technology Group, Inc. This acquisition is expected to provide FileNet with additional technology and expertise to address the compliance market, and will increase the breadth of capability delivered by FileNet’s Records Manager and Email Manager product suites. FileNet will complement its Records Management product with Yaletown’s Records Crawler product. Working in conjunction with FileNet P8’s Records Manager and Email Manager suites, Records Crawler for FileNet can scan Microsoft File Servers at high speed to examine documents a user creates and automatically declare only those documents as records that meet pre-set business rules. Records Crawler is designed to draw on the rules established in FileNet’s Records Manager’s File Plan. FileNet and Yaletown Technology Group have been marketing an integrated email management offering through an OEM relationship, offering customers email management capabilities integrated with FileNet Records Manager and Content Manager repository. The purchase of Yaletown Technology Group is an all cash transaction valued at approximately $11 million net of cash for all of the stock in the company. The transaction is expected to close in early October, subject to customary closing conditions.