I don't know who would acquire it. What's a big content management firm to businesses? EMC? Didn't they buy Documentum? I don't know, but this is worth something to somebody. Even a company like SAP could plug this in, though SAP doesn't make acquisitions, so probably not SAP. It's worth $12 to somebody.
Sungard would probably be the best bet. In fact it might make sense to sell the M&A business (I think you get a nice multiple for that business) and maybe the DCM business, and then focus solely on enterprise. The M&A business could ultimately generate some really enormous margins if it became the sole vendor in that niche.