Transactional document management (high-volume throughput of relatively static documents) has long been dominated by IBM and FileNet. EMC today announced that it too wants to compete in this lucrative market. Hence as part of its forthcoming Documentum D6 release, they have announced "TCM" (Transactional Content Management). Right now, TCM is essentially a user interface module for high-volume scenarios, to be complimented at a later date by changes to the core D6 platform as well as better application of EMC's Captiva technology. EMC in fact has won transactional deals over the past couple of years against a weakened (pre-acquisition) FileNet -- wins as much based on impressive sales techniques as suitable technology. IBM and FileNet combined -- along with Oracle's strategic acquisition of Stellent/Optika -- means that this sales strategy might not work so well going forward. EMC|Documentum will see some serious tests in 2008. For the first time in a long time they face serious competition, amid a rolling release of D6 (and the subsequent year or so for that to settle), along with a slew of key departures, all pointing to major challenges ahead.