Consensus Cloud Solutions
The company behind eFax: it runs fax numbers over the internet, mostly for American doctors and hospitals, and hands each incoming fax over as a file.
The scores
Growth2/4 ↑
Revenue fell over 2023-2025 and now grows about 4%, and the acceleration is the shrinking half weighing less rather than either half improving.
Business quality2/4 ↓
The certification barrier is real but a private rival matched it in nine months, and account churn has doubled in three years.
Financial position2/4 →
Every dollar of the $558.5M matures inside one quarter of 2028, inside the horizon. Nothing is spread, so the test for 3 fails.
Execution record3/4 →
Eight consecutive earnings beats and free cash flow delivered as guided. Held back from 4 by two redefinitions of the customer metric in four quarters.
Per share capture2/4 ↑
Half of every buyback dollar over 2023-2025 replaced shares issued to employees, and stock compensation is a fifth of free cash flow.
Potential2/4 →
The non-fax revenue is expected from 2028, is called immaterial today, and the public-sector path runs through other agencies' procurement decisions. Expected, not committed.
Risk profile3/4 →
One serious dependency, disclosed: the whole company is one messaging protocol. Survivable because the protocol declines slowly, and no single external step breaks the case.
Valuation3/4 ↓
About $6.20 of enterprise value per dollar of guided cash operating profit reflects the current business, not a good case beyond it.
Evidence quality3/4 →
Central facts come from filings and federal registers, but the load-bearing sentence about the corporate line is an inference disclosure cannot settle.
The Verdict
We rate Consensus neutral. It runs internet fax, mostly for American doctors and hospitals, and turns it into steady spare cash against a large debt. Its sales are growing again, but mostly because the shrinking half of the business is now smaller; customers leave faster than they did and a rival has matched its federal security approval, so the business is mixed. The price asks only that today's cash keeps coming, so it is fair. The view hinges on whether corporate customers start leaving less and paying more, which would show the growth is real and not just arithmetic.
The long caseHealthcare is meant to move from fax to structured digital exchange, and Consensus does not take part; its fax business needs that move to stay stalled, as it has.
The evidence under this - 9 claims
- Corporate's own rate has genuinely risen, from 8.2% in Q1 2026 to 9.3% in Q2 2026 on management's statement - so mix is not the whole of the acceleration.
- SoHo's rate of decline also genuinely improved, from 9.5% in Q1 2026 to 4.7% in Q2 2026, which is a real change and not a weighting effect. Management called it exceptional and said it may not recur.
- Free cash flow is struck after capital spending, most of which is capitalised software, so it is a real measure rather than a pre-investment one - the yield is not flattered by deferred investment.
- The comparison has no cohort behind it: CCSI's own annual report names six classes of competitor and no company, every real rival in cloud fax is private, and the one listed candidate does not mention fax in its annual report. So there is no peer level to say whether $6.20 is high or low.
The company
Doctors and hospitals in America still send patient records by fax. Consensus runs the fax number over the internet: it handles the telephone side and delivers the document as a file, an e-mail or an entry in the patient's electronic record.
Without it, a customer keeps a fax machine on a phone line or a fax server in its own building. Cloud fax is substantially all of Consensus's revenue and profit.
The evidence under this - 2 claims
How it makes money
Customers pay by the month. Corporate customers brought in $222.682M in 2025 and are growing; small-office customers brought in $127.002M and are shrinking.
What keeps the money coming is that customers stay, and that has weakened. Corporate customers now leave at 3.16% a month, against 1.49% in 2023; small-office customers at 4.69%.
The evidence under this - 3 claims
Where the money comes from, stream by stream
| Stream | Share of sales (Q2 2026) | How it earns it |
|---|---|---|
| Corporate | 66.2% | Cloud fax and related services sold to businesses, health systems and government on multi-line, API or contracted plans, including eFax Protect and ECFax. |
| SoHo | 33.8% | Monthly and annual eFax subscriptions bought online by individuals and small offices; shrinking as churn rises. |
Who runs it
Scott Turicchi has run Consensus since it was spun out in 2021; before that he ran the parent's finances. A new finance chief took over in April 2026. Insiders own under 4%, Turicchi the most. The yearly bonus pays on sales and on profit before stock pay; his big shares award pays only if the stock rises far above today's price. Nothing pays on keeping customers or paying down debt.
The evidence under this - 4 claims
The holder percentages rest on Schedule 13G filings as old as March 2024 (BlackRock), so the outside holders may have moved; the insider figures are the company's own count.
The 2025 revenue target sat level with 2024's filed revenue of $350.382M (S01), so a near-full payout was earned for standing still; no metric pays on churn, free cash flow or debt reduction.
Why it wins, and who could beat it
Why customers come back
Selling fax to a federal agency needs a government security approval; selling it to a hospital needs passing that hospital's security review. Both are slow and expensive to win, so they thin the field of who may bid. Fax itself survives because healthcare runs on systems that cannot talk to each other, as the company's own filing says.
The approval is no longer rare. Consensus got the top federal grade in February 2025; a private rival matched it in November 2025 and holds two agency approvals to its one.
The evidence under this - 3 claims
- It is the company explaining why its own product survives, which is the least independent witness available on that question.
- The federal hospital series cuts both ways: sending, receiving and finding records electronically all reached 93% to 96% by 2025, so the systems do talk. It is only integration without manual re-entry that stalled, at 79%.
The threat
The larger threat is what fax is being replaced by. Federal rules push healthcare toward records that pass directly between computer systems. Eleven networks are designated to carry them; Consensus is not one, and one that is, Kno2, sells fax as a feature inside its own platform. OpenText says its own cloud fax is heading for federal approval too.
The evidence under this - 2 claims
- The stated date has passed. OpenText said the first half of 2026 and neither product appears on the FedRAMP register at 16 September 2026, so the claim has already slipped at least one quarter.
- OpenText's own FY2026 annual report does not contain the word 'fax' at all, which is weak evidence that the programme has internal priority.
The rivals: OTEX, and 3 more that are private, in-house or listed abroad.
Who else does this, rival by rival
| Ticker | Rival | How far along | Priced against it |
|---|---|---|---|
| Private | etherFAX GovCloudPriced against it: Private | On sale | Private |
| OTEX | OpenText Core Fax and OpenText Fax Cloud ConnectPriced against it: One segment only | Announced | One segment only |
| Private | Kno2Priced against it: Private | On sale | Private |
| Private | Epic NexusPriced against it: Private | On sale | Private |
How big it could get
How big this could get
In 2019 about 35% of roughly 301,603 American office-based doctors could share patient records outside their practice only by fax, mail or e-fax: about 105,600 doctors. Nobody has counted since, so it may be fewer now.
Hospitals set the other limit. The share that file an electronic record without retyping it rose from 40% in 2014 to 71% in 2019, and has sat at 78% to 79% since 2022. That stall is the room fax still has.
The evidence under this - 2 claims
Who has signed
The one big contract is not Consensus's own. Veterans Affairs buys cloud fax through a contractor, Cognosante, one year at a time: on 16 September 2026 it renewed to September 2027, committing $15,953,229.56 against $12,338,013.36 the year before, with options to 2031. Management expects more than $9M of revenue from it this year.
The evidence under this - 2 claims
- 2026-09-26editedThe VA exercised the option year to 19 September 2027 on 16 September 2026 (modification P00012); the period the thesis said had ended was renewed.
- Management declines to publish the number of VA sites live, saying site count does not correlate with volume - so the rollout estimate cannot be checked against anything.
- $9M is about 2.5% of guided FY2026 revenue, and continuation rests on one-year options: the VA exercised the year to 19 September 2027 on 16 September 2026, and every later year to 2031 is again its choice.
- 2026-09-26editedCounter-evidence updated: the option the VA had yet to exercise was exercised on 16 September 2026.
Where the growth is coming from, business by business
Where the growth is coming from
| Business | Share of revenue | Growth: last quarter | Last half-year | Last year | Share in 3 years at its latest-quarter rate |
|---|---|---|---|---|---|
| Corporate Information Delivery Services | 66% | +8.2% | - | - | 77% |
| Small Office Home Office Information Delivery Services | 34% | -9.4% | - | - | 23% |
| Whole company | 100% | +1.5% | - | - | 100% |
On the filed split through 2026-03-31, if each business keeps its latest quarter's growth, the company grows about 2% next year and 4% in year 3, against 1.5% over the last twelve months. A scenario, not a forecast: no business holds its rate.
The results
The numbers
Sales grew 1.5% over the twelve months to Jun 2026, about the same pace as the −0.2% in the year to Dec 2025.
Operating margin is 42%, about where it was (41%) in the year to Dec 2023.
Running costs take 38¢ of each sales dollar, up from 34¢ in the year to Dec 2021.
Each dollar put into the business earns 19% a year after tax, about where it was (17%) in the year to Dec 2021.
It turned 33% of sales into free cash, $116M over the last twelve months.
It owes $456M more than the cash it holds, about 3.1 years of the cash its operations bring in.
The share count fell 4.0% in 4.5 years, and pay in shares costs 5.4% of sales.
All the numbers
Filed figures from the company's 10-K and 10-Q, read 2026-10-04. Fiscal years end in December.
| Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 | 12 mo to Jun 2026 | |
|---|---|---|---|---|---|---|
| Size and growth | ||||||
| Sales | $353M | $362M | $363M | $350M | $350M | $355M |
| Sales growth | +6.5% | +2.8% | +0.0% | −3.4% | −0.2% | +1.5% |
| Profit | ||||||
| Gross margin | 84% | 83% | 81% | 80% | 80% | 80% |
| Operating margin | 50% | 42% | 41% | 43% | 43% | 42% |
| Net margin | 31% | 20% | 21% | 26% | 24% | 27% |
| What growth costs, per sales dollar | ||||||
| Research and development | 2.2% | 2.8% | 2.1% | 2.2% | 2.1% | 2.3% |
| Sales and marketing | 15% | 18% | 18% | 15% | 15% | 15% |
| General and admin | 17% | 20% | 20% | 21% | 20% | 21% |
| Pay in shares | 0.7% | 5.5% | 5.0% | 4.8% | 5.1% | 5.4% |
| Capital spending | 9.4% | 8.3% | 10% | 9.5% | 8.6% | 8.5% |
| Cash | ||||||
| Cash from operations | $234M | $83.1M | $114M | $122M | $136M | $146M |
| Free cash flow | $201M | $53.1M | $77.7M | $88.3M | $106M | $116M |
| Balance sheet | ||||||
| Cash and short-term investments | $66.8M | $94.2M | $88.7M | $33.5M | $74.7M | $98.9M |
| Debt | $792M | $794M | $734M | $593M | $558M | $555M |
| Net cash | −$725M | −$700M | −$645M | −$559M | −$484M | −$456M |
| Returns and shares | ||||||
| Return on capital | 17% | 22% | 20% | 20% | 21% | 19% |
| Shares (diluted) | 20.0M | 20.0M | 19.6M | 19.4M | 19.4M | 19.2M |
What growth costs
For years sales barely grew, so costs held steady per dollar of sales. Now that business customers are growing again, spending on staff and selling is rising faster than sales, so each new dollar of growth is making the company a little less profitable rather than more.
The evidence under this - 2 claims
- Stock pay is about 5 cents per sales dollar on the filed expense ($17.7M in 2025) and nearer 6 on the credit to paid-in capital ($20.3M, C23); the two are different definitions of the same cost.
- The 2024 fall in sales and marketing was a $14.3M cut in third-party advertising, mostly in SoHo, the shrinking half, so it was a choice to stop buying decline rather than leverage.
The last report (6 Aug)
Quarter ended June 2026, filed figures.
In the June quarter sales rose 4.1%: corporate up 9.3%, small office down 4.7%. The total is improving because the shrinking half now weighs less, not because either half got better.
Profit went the other way. Operating profit fell 5.7% as costs rose 16.7%, and earnings per share rose 39% mainly on a $5.3M paper gain on a stake in a private company. The shares fell 5.9% the next day.
What it did to the thesisIt fitted the view that the headline improves while the business does not. Sales growth came mostly from the shrinking half weighing less, profit fell, and the earnings jump was a paper gain. The cash is still real, which is why the price reads fair and the view Neutral.
The quarter in detail
Sales growth from the previous quarter, filed figures.
Earnings per share $1.49 against $1.48 expected; $1.43 as filed, the gap being what the company adds back.
The evidence under this - 5 claims
- Corporate's own rate has genuinely risen, from 8.2% in Q1 2026 to 9.3% in Q2 2026 on management's statement - so mix is not the whole of the acceleration.
- SoHo's rate of decline also genuinely improved, from 9.5% in Q1 2026 to 4.7% in Q2 2026, which is a real change and not a weighting effect. Management called it exceptional and said it may not recur.
What management did with the money
From 2023 to 2025 it bought back shares for $47.9M and issued new ones to staff, so the count fell 4.8%. Staff are paid about $20M a year in shares, about a fifth of the spare cash, while revenue did not grow.
Insiders in 2026Q2: 25 purchases and 61 sales, from their Form 4 filings.
The evidence under this - 2 claims
The price, and where we disagree
In short. Fair. The price asks only that today's cash keeps coming, with no growth. The risk is that customers keep leaving faster.
The shares rose 37.7% in a year while sales per share rose 3.1%, so nearly all the rise was buyers paying more for the same sales. The September-quarter report on 4 November tests whether they were right: are corporate customers leaving less, and is each paying more?
The evidence under this - 3 claims
How we read the multiple
Counting the debt, a buyer pays about $6 for each dollar of yearly cash profit. Each dollar paid gets back about 15 cents of spare cash a year, nearer 12 after the shares handed to staff.
Sales have not grown, and the price needs no growth. It needs the cash to hold flat and the debt due in 2028 to be refinanced calmly, which means customers must stop leaving faster.
Against its own history. About its normal on cash profit and a little above it on earnings and sales: after a year of buyers paying more for the same business, not a bargain.
The evidence under this - 4 claims
- Free cash flow is struck after capital spending, most of which is capitalised software, so it is a real measure rather than a pre-investment one - the yield is not flattered by deferred investment.
- The comparison has no cohort behind it: CCSI's own annual report names six classes of competitor and no company, every real rival in cloud fax is private, and the one listed candidate does not mention fax in its annual report. So there is no peer level to say whether $6.20 is high or low.
- Management reaffirmed the range after two beats rather than raising it, saying it is not their practice to raise, and flagged $1.3M of audit cost landing in Q3 and again in Q4 plus a catch-up in hiring - so the guided second half is weaker than the first.
- The stock fell 5.9% in the session after that print, which beat, reaffirmed and raised the buyback authorisation.
Priced against its rivals
None of the listed rivals above sells the same thing to the same buyers as a large part of what it does. A price comparison needs at least two, so the price is judged against its own history instead.
Also checked and set aside: DocuSign (a substitute, not the same product).
Private or foreign rivals that cannot be priced: etherFAX, LLC, Concord Technologies, Documo, Inc. (mFax), Kno2, Inc., Biscom, Inc., Ricoh, Canon, Xerox.
Where we disagree with the market
Corporate growth is heading to double digits, and the shrinking half has nearly finished shrinking.
The business is weakening under a headline that improves. The improvement is arithmetic, but the cash is real, so the price is roughly fair.
All four analysts are positive. Three facts sit in federal registers rather than in the company's filings: a rival matched its security approval, its flagship customer is a contractor's order, and corporate customers leave twice as fast as in 2023.
We are wrong if those losses fall back toward 2% a month, spend per account rises two quarters running, and a second federal agency signs.
What analysts say, and the evidence
The evidence under this - 6 claims
- 2026-09-26editedThe VA exercised the option year to 19 September 2027 on 16 September 2026 (modification P00012); the period the thesis said had ended was renewed.
What could go wrong, and how we would know
The risks
- Customers leaving faster. Corporate losses have risen every year since 2023 and reached 3.16% a month in June, against 2.91% a year earlier.
- Growth that may be relabelled. In mid-2023 a product aimed at small businesses began booking as corporate, on a line the company itself draws.
- All the debt due at once. All $558.5M falls due between July and October 2028, and once goodwill is set aside the company owes more than it owns.
- One federal customer, held by another. The Veterans Affairs order belongs to a contractor, and Consensus holds no federal contract of its own.
The evidence under this - 7 claims
- A corporate account still bills about $3,658 a year against about $187 for a SoHo account, so 27,000 small adds could not on their own produce the $13.6M of corporate revenue growth booked in 2025. The effect is partial.
- Corporate revenue per account has risen for two quarters, from $300.03 for 2025 to $304.86 in Q2 2026, which is the opposite of what pure downward mix would do.
- The VA and the wider public-sector wins are unambiguously large corporate accounts and are inside the same line.
- 2026-09-26editedThe VA exercised the option year to 19 September 2027 on 16 September 2026 (modification P00012); the period the thesis said had ended was renewed.
What we still do not know
- How much corporate growth is small businesses relabelled. The company reports one segment and sets the line itself.
- How much of the Veterans Affairs money reaches Consensus. The order is renewed a year at a time and the company does not say.
The evidence under this - 2 claims
- A corporate account still bills about $3,658 a year against about $187 for a SoHo account, so 27,000 small adds could not on their own produce the $13.6M of corporate revenue growth booked in 2025. The effect is partial.
- Corporate revenue per account has risen for two quarters, from $300.03 for 2025 to $304.86 in Q2 2026, which is the opposite of what pure downward mix would do.
- The VA and the wider public-sector wins are unambiguously large corporate accounts and are inside the same line.
- 2026-09-26editedThe VA exercised the option year to 19 September 2027 on 16 September 2026 (modification P00012); the period the thesis said had ended was renewed.
What would change our view
- Neutral→AttractiveThe base proves durable
It needs all of:
- ○Total sales keep growing on a year earlier, and corporate customers leave at less than 3.5% a month.checked at the next results, due by 4 Nov
- ○Each corporate account pays more than $295 a month for a full year, so price is not cut to keep customers.checked at the next results, due by 4 Nov
- Neutral→UnattractiveThe retirement arrives, or the balance sheet binds
It needs any of:
- ○Veterans Affairs stops buying the service, or the service loses its federal security approval.watched as it happens
- ○Debt net of cash tops $560M while the cash profit management promises is below $187M.checked at the next results, due by 4 Nov
We would also be wrong if
- Corporate customers leave at more than 3.5% a month in two reports running.
- Total sales shrink on a year earlier for two quarters running.
What is coming
- 15 October 2026 2028 notes become redeemable: Whether the new finance chief starts refinancing the $348M of 6.5% notes early, or leaves all the debt maturing inside one quarter of 2028.
Every dated event ahead
- 15 October 2026 2028 notes become redeemable: Whether the new finance chief starts refinancing the $348M of 6.5% notes early, or leaves all the debt maturing inside one quarter of 2028.
- 4 November 2026 Q3 2026 results: Corporate monthly churn against 3.0% and revenue per corporate account against $305, the test of whether corporate growth is durable accounts or relabelled small ones.
- 9 November 2026 Debt repurchase programme expires: Whether the board renews it, a sign of whether cash goes to debt ahead of the 2028 maturities or keeps going to buybacks.
- 19 September 2027 VA cloud fax order option year ends: Whether the VA renews the contractor's order again and at a larger obligation, the only dated public-sector revenue the thesis can see.
Since we wrote this
- 5 OctThesis reviewThe long case now sits under the verdictAfter the five-name pilot, the owner asked for the long case on every thesis.
- 4 OctThesis reviewOwner's checklist: revenue streams, cost of growth, management, catalystsThe owner's checklist found the method silent on who runs the company, what growth costs, where the money comes from and what is dated ahead; this pass fills those four blocks from the proxy and filings.
- 26 SepThesis reviewVeterans Affairs renewed the cloud fax order for a year. View heldThe VA exercised the option to September 2027 on 16 September, committing $15.95M against $12.34M a year earlier. It is still a contractor's order, and Consensus's share is undisclosed.
- 16 SepThesis writtenNeutral, medium convictionReal cash at a roughly fair price, from a business whose customers leave faster each year and whose growth comes from the shrinking half getting smaller.
Sources 20
Sources - 20
Every claim above cites one of these, or states the reasoning that derived it. The quote is frozen at the date it was read: a link can rot, and an agent fetch returns a reading of a page rather than the page. Backs counts the whole claim ledger, so it can name a claim this page does not surface.
- S01primarycompany filing2026-02-13Item 1 business and competition; the key performance metric table (revenue, revenue per account, accounts, paid adds, monthly churn for 2023-2025); the risk factors; the long-term debt note; the statement of stockholders' equity; internal control statusbacksC01C02C03C05C07C09C22C23C33C36C38C40C51C52C53
- S02primarycompany filing2026-08-07the Q2 2026 key performance metric table; the income statement; the balance sheet; the ASC 321 investment note; the debt note; share counts and treasurybacksC04C05C07C08C09C20C21C24C35C36C38C53
- S03primarytranscript2026-08-06management's net revenue retention figure, the VA rollout estimate and revenue expectation, the capital-allocation answer on the 6.5% notes, the doc.health terms, the hiring update; three questions from two analysts, both stand-ins, plus questions the chief executive read from e-mailbacksC11C13C19C21C24C25C26C34C45C46
- S04primarycompany release2026-02-10FY2025 free cash flow of $105.9M and its definition; adjusted net income; the FY2026 guidance ranges as first issuedbacksC23C37
- S05primarycompany release2026-08-06the Q2 2026 print, the reaffirmed full-year guidance and the increase of the share repurchase authorisation to $200MbacksC26C42
- S06secondaryvendor data2026-09-16Research pack, frozen at content/CCSI/research-pack.jsoncontent/CCSI/research-pack.jsonprice, market value, enterprise value, the 252-day and 126-day price-move decompositions, the analyst-consensus series, FINRA short interest, the measured next-session news reactions, the insider windowbacksC28C37C42C43C44
- S07primarygovernment data2026-09-16FedRAMP Marketplace register - Enterprise Cloud Fax Government (ECFax), package FR2207365631 FedRAMP (US General Services Administration)the date ECFax was certified, its Class D (High) profile, and the count of agency authorisations it holds - one
FedRAMP Certified As of 2/11/2025 Authorizations More info about authorizations Total Authority to Operate (ATO) and/or Authority to Use (ATU) letters, including initial and reuse authorizations. 1 Certification Profile
backsC14 - S08primarygovernment data2026-09-16FedRAMP Marketplace register - ETHERFAX GovCloud, package FR2523143582 FedRAMP (US General Services Administration)that a private competitor holds the identical certification, granted nine months later, with twice the agency authorisations
FedRAMP Certified As of 11/13/2025 Authorizations More info about authorizations Total Authority to Operate (ATO) and/or Authority to Use (ATU) letters, including initial and reuse authorizations. 2
backsC15 - S09primarygovernment data2026-09-16USAspending federal award record - VA delivery order 36C10B21N10010009 USAspending.gov (US Department of the Treasury)that the recipient is COGNOSANTE MVH LLC and not Consensus; $56,555,369.78 obligated; period of performance 20 September 2021 to 19 September 2026 with a potential end of 19 September 2031; firm fixed price; three offers received; eight reported first-tier subawards, the largest to ROCKITDATA LLC at $48,895,359.26, none of them to Consensus
"Award ID": "36C10B21N10010009", "Recipient Name": "COGNOSANTE MVH LLC", "Award Amount": 56555369.78, "Description": "ENTERPRISE CLOUD FAX (ECFAX) SERVICE IN SUPPORT OF THE OFFICE OF INFORMATION AND TECHNOLOGY (OIT), ENTERPRISE PROGRAM MANAGEMENT OFFICE (EPMO) UNDER TRANSFORMATION TWENTY-ONE TOTAL TECHNOLOGY PROGRAM (T4NG) CONTRACT VA118-16-D-1001", "Start Date": "2021-09-20", "End Date": "2026-09-19" ... "potential_end_date": "2031-09-19 00:00:00"
backsC17 - S10primarygovernment data2026-09-16USAspending recipient search - Consensus Cloud Solutions as prime recipient USAspending.gov (US Department of the Treasury)that Consensus holds no federal prime contract of any kind - an empty result set, queried directly rather than inferred
"results": [], "page_metadata": {"page": 1, "hasNext": false}
backsC18 - S11primarygovernment data2022-02-01ASTP/ONC Data Brief - Interoperability Among Office-Based Physicians in 2019 (National Electronic Health Record Survey) Assistant Secretary for Technology Policy / Office of the National Coordinator for Health ITthe base for the prize: about 301,603 US office-based physicians, 35% of whom had no electronic route outside their organisation. The most recent federal measurement of the question, and it is from 2019
About one-third (35%) of physicians used only fax, mail or e-fax to share patient health information with providers outside of their organization. ... Responses for the 1,524 records included in the final 2019 NEHRS PUF were weighted to reflect national estimates for approximately 301,603 office-based physicians in the U.S.
backsC29 - S12primarygovernment data2026-09-16ASTP/ONC QuickStat - Electronic Health Information Exchange by Hospitals, 2014-2025 (AHA Health IT Survey) Assistant Secretary for Technology Policy / Office of the National Coordinator for Health ITThe federal definition of integrated exchange, which excludes eFax by name, and the series behind it, taken from the page's own chart data rather than from a reading of the rendered table: integration at 40% in 2014, 71% in 2019, 79% in 2022, 78% in 2023 and 78.8% in 2025, while sending reached 95.8%, receiving 93.2% and finding 94.4%. The 2025 survey response rate was 54.5%
Whether the EHR integrates summary of care record received electronically (not eFax) from providers or sources outside your hospital system/organization without the need for manual entry. ... "categories":["2014","2015","2016","2017","2018","2019","2021","2022","2023","2025"] ... "name":"Send" ... "data":[78,85,88.4,88,89,91,91,93,92,95.8] ... "name":"Receive" ... "data":[56,65,71.9,74,78,81,85,87,87,93.2] ... "name":"Find" ... "data":[48,52,55.5,61,65,75,80,85,84,94.4] ... "name":"Integrate" ... "data":[40,38,40.8,53,62,71,74,79,78,78.8]
backsC30 - S13primaryindustry data2026-09-16ONC TEFCA Recognized Coordinating Entity - Designated QHINs The Sequoia Project (ONC TEFCA Recognized Coordinating Entity)the eleven designated networks: CommonWell, eClinicalWorks PrismaNet, eHealth Exchange, Epic Nexus, Health Gorilla, Kno2, KONZA, MedAllies, Netsmart, Oracle Health Information Network and Surescripts. Consensus is not among them
Below are organizations that have successfully completed the Qualified Health Information Network® (QHIN™) onboarding process and are recognized as Designated QHINs for TEFCA™ exchange.
backsC31 - S14primaryregulator2026-09-16CMS Interoperability Framework - network criteria Centers for Medicare & Medicaid Servicesthe dated federal requirement pushing clinical exchange onto structured programming interfaces, in force since 4 July 2026
Networks must now support and implement FHIR APIs, consistent with criteria 13 and 14 below. In effect as of July 4th, 2026
backsC32 - S15primarycompany filing2026-08-06a competitor's own account of itself: 'We are a leading provider of secure data context for enterprise AI.' The string 'fax' appears nowhere in its 846,354 characters, checked directly - which is how immaterial cloud fax is to the one listed company that also sells itbacksC41
- S16primaryother2025-06-04OpenText blog - digital fax solutions set course for FedRAMP authorization in 2026 Open Text Corporationthe attacker's own statement of when it expects to hold the certification Consensus calls a first
OpenText™ Core Fax and OpenText™ Fax Cloud Connect are currently on a clear path to achieving FedRAMP authorization in the first half of 2026.
backsC16 - S17primarycompany filing2026-09-16no open-market purchases; three open-market sales totalling 10,400 shares, none under a plan adopted earlier; 147 further rows are grants, vesting and tax withholdingbacksC39
- S18secondaryother2026-09-16data/reference/competitors.json - the filed competitor review for CCSIdata/reference/competitors.jsonthe record that CCSI's Item 1 names six classes and no company, that OpenText is the only listed candidate and is refused at the perimeter, and that every real rival in cloud fax is privateread, but no claim rests on it
- S19primarygovernment data2026-09-16USAspending transaction history - VA delivery order 36C10B21N10010009, modification P00012 USAspending.gov (US Department of the Treasury)that the VA exercised the next option year on 16 September 2026, obligating $15,953,229.56 and extending the period of performance to 19 September 2027; $72,508,599.34 obligated in total; the recipient is still COGNOSANTE MVH LLC; the prior option year, exercised 10 September 2025, obligated $12,338,013.36
"action_date": "2026-09-16", "action_type_description": "EXERCISE AN OPTION", "modification_number": "P00012", "description": "ENTERPRISE CLOUD FAX SERVICE", "federal_action_obligation": 15953229.56 ... "total_obligation": 72508599.34 ... "end_date": "2027-09-19", "last_modified_date": "2026-09-17", "potential_end_date": "2031-09-19 00:00:00" ... "action_date": "2025-09-10", "action_type_description": "EXERCISE AN OPTION", "modification_number": "P00010", "federal_action_obligation": 12338013.36
backsC17 - S20primarycompany filing2026-04-24beneficial ownership as of 13 April 2026; the executive officers and their tenure; the CD&A: the annual bonus metrics, targets and 2025 payout, the chief executive's 2021 award and its price hurdles, the 2026 annual awards; the share plan increasebacksC47C48C49C50