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==History== |
==History== |
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Kofax was founded in 1985 as Kofax Image Products by engineers Dean Hough and David Silver, who worked together at document processing company [[FileNet]].<ref name=latimes1>{{cite news|url=https://www.latimes.com/archives/la-xpm-1991-08-18-fi-1607-story.html|title=One |
Kofax was founded in 1985 as Kofax Image Products by engineers Dean Hough and David Silver, who worked together at document processing company [[FileNet]].<ref name=latimes1>{{cite news|url=https://www.latimes.com/archives/la-xpm-1991-08-18-fi-1607-story.html|title=One Executive's Spinoff Begat Second Venture : Technology: After an industry veteran built his own computer company, two of his workers found a non-competitive application for a business.|newspaper=LA Times |date=August 18, 1991 |access-date=November 9, 2021}}</ref> Silver became the company's chief executive officer and president.<ref name=latimes2>{{cite news|url=https://www.latimes.com/archives/la-xpm-2000-jun-02-fi-36522-story.html|title=Silver Will Step Down as Kofax Officer|newspaper=LA Times |date=June 2, 2000 |access-date=November 9, 2021}}</ref> The company initially focused on making personal computer circuit boards to convert them into image-processing machines, and its first products were released in 1989.<ref name=latimes1/> |
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In the 1990s the company continued to develop its core image processing technology.<ref name=kmworld1>{{cite news|url=https://www.kmworld.com/Articles/News/News/Kofax-acquired-by-international-investment-group-12155.aspx|title=Kofax acquired by international investment group|website=KMWorld |date=July 30, 1999 |access-date=November 9, 2021}}</ref> |
In the 1990s the company continued to develop its core image processing technology.<ref name=kmworld1>{{cite news|url=https://www.kmworld.com/Articles/News/News/Kofax-acquired-by-international-investment-group-12155.aspx|title=Kofax acquired by international investment group|website=KMWorld |date=July 30, 1999 |access-date=November 9, 2021}}</ref> |
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In October 1997, the company went public on the [[Nasdaq]] market.<ref name=latimes3>{{cite news|url=https://www.latimes.com/archives/la-xpm-1997-oct-19-fi-44409-story.html|title=Kofax Completes Initial Offering| |
In October 1997, the company went public on the [[Nasdaq]] market.<ref name=latimes3>{{cite news|url=https://www.latimes.com/archives/la-xpm-1997-oct-19-fi-44409-story.html|title=Kofax Completes Initial Offering|newspaper=LA Times |date=October 19, 1997 |access-date=November 9, 2021}}</ref> |
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In July 1999, the company announced it would be purchased by UK-based holding company DICOM Group in a reported US$75 million cash deal, with the intent to pair Kofax Image Products, Inc.’s digital capture technology with DICOM Group's distribution services in [[Europe]].<ref name=kmworld1/> |
In July 1999, the company announced it would be purchased by UK-based holding company DICOM Group in a reported US$75 million cash deal, with the intent to pair Kofax Image Products, Inc.’s digital capture technology with DICOM Group's distribution services in [[Europe]].<ref name=kmworld1/> |
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The company's Capture & Print business area develops software to support print-centric business processes, including the following: |
The company's Capture & Print business area develops software to support print-centric business processes, including the following: |
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*ControlSuite, print management, capture and document security software<ref>{{Cite web|title=Brother and Kofax partner to offer unified solution|url=https://www.kmworld.com/Articles/News/News/Brother-and-Kofax-partner-to-offer-unified-solution-139971.aspx|date=March 27, 2020|access-date=November 9, 2021|website=KMWorld|language=en}}</ref> |
*ControlSuite, print management, capture and document security software<ref>{{Cite web|title=Brother and Kofax partner to offer unified solution|url=https://www.kmworld.com/Articles/News/News/Brother-and-Kofax-partner-to-offer-unified-solution-139971.aspx|date=March 27, 2020|access-date=November 9, 2021|website=KMWorld|language=en}}</ref> |
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*AutoStore, software for automated and compliant document capture<ref name=RPA1>{{cite book |last= Taulli |first= Tom |author-link= |date= |title= The Robotic Process Automation Handbook: A Guide to Implementing RPA Systems|url= |
*AutoStore, software for automated and compliant document capture<ref name=RPA1>{{cite book |last= Taulli |first= Tom |author-link= |date= 28 February 2020|title= The Robotic Process Automation Handbook: A Guide to Implementing RPA Systems|url= https://books.google.com/books?id=gZHTDwAAQBAJ&dq=kofax+autostore&pg=PA249|location= |publisher= |page=249 |isbn=9781484257296}}</ref> |
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https://books.google.com/books?id=gZHTDwAAQBAJ&pg=PA249&lpg=PA249&dq=kofax+autostore&source=bl&ots=p3baX8TpcV&sig=ACfU3U3FJ5aENT0FxIMNmm1QPC--_XqN7A&hl=en&sa=X&ved=2ahUKEwisqMnC997yAhXgIDQIHXtsBXA4UBDoAXoECBIQAw#v=onepage&q=kofax%20autostore&f=false|location= |publisher= |page=249 |isbn=}}</ref> |
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*Capture, software for processing and integrating content directly into a business's workflow from any location<ref name=RPA1/><ref>{{cite news|url= |
*Capture, software for processing and integrating content directly into a business's workflow from any location<ref name=RPA1/><ref>{{cite news|url= |
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https://www.oit.va.gov/Services/TRM/ToolPage.aspx?tid=6763 |title=Kofax Chief Bish Embraces Work-From-Home Concept|website=US Department of Veteran's Affairs|date=March 12, 2020 |access-date=November 9, 2021}}</ref> |
https://www.oit.va.gov/Services/TRM/ToolPage.aspx?tid=6763 |title=Kofax Chief Bish Embraces Work-From-Home Concept|website=US Department of Veteran's Affairs|date=March 12, 2020 |access-date=November 9, 2021}}</ref> |
Revision as of 03:42, 2 January 2022
Company type | Subsidiary |
---|---|
Industry | Computer software |
Founded | 1985 |
Founders | David Silver, Dean Hough |
Headquarters | Irvine, California |
Key people | Reynolds C. Bish (CEO) |
Products | Intelligent automation, cognitive capture, robotic process automation, business process orchestration, data integration, customer communications management, analytics, print management |
Revenue | $500 million (2020) |
Number of employees | 2,000 (2020)[1] |
Parent | Thoma Bravo |
Website | www |
Kofax Inc. is an Irvine, California-based intelligent automation software provider. Founded in 1985, the company's software allows businesses to automate and improve business workflows by simplifying the handling of data and documents.[2]
Since 2017, the company has been an independent portfolio company owned by private equity firm Thoma Bravo.[3]
History
Kofax was founded in 1985 as Kofax Image Products by engineers Dean Hough and David Silver, who worked together at document processing company FileNet.[4] Silver became the company's chief executive officer and president.[5] The company initially focused on making personal computer circuit boards to convert them into image-processing machines, and its first products were released in 1989.[4]
In the 1990s the company continued to develop its core image processing technology.[6]
In October 1997, the company went public on the Nasdaq market.[7]
In July 1999, the company announced it would be purchased by UK-based holding company DICOM Group in a reported US$75 million cash deal, with the intent to pair Kofax Image Products, Inc.’s digital capture technology with DICOM Group's distribution services in Europe.[6]
In July 2000, CEO and President Silver stepped down and was succeeded by Arnold von Büren, former deputy chief executive officer of Dicom.[5]
In 2002, Rick Murphy was named CEO of Kofax, and von Büren was promoted to CEO of Dicom Group.[8]
In April 2003, Kofax acquired Mohomine Inc., an automated text classification and extraction developer.[9]
In November 2007, CEO Murphy was replaced by Reynolds Bish, former CEO of Captiva Software, now part of OpenText.[8]
In January 2008, the company renamed Kofax Image Products, Inc. and Dicom Group as Kofax Inc.[10]
In May 2011, Kofax Inc. announced the acquisition of Atalasoft Inc., an image software company whose primary product was a document imaging toolkit named dotImage.[11] In December, Kofax Inc.’s US$48 million bid to purchase London IT company Singularity was accepted.[12] This acquisition enabled business process management (BPM) and case management software to exist through public or private SaaS (software as a service) platforms.[13]
In the summer of 2013, Kofax added robotic process automation (RPA) developer Kapow Software (now: Kofax RPA). In December, Kofax Inc. was added to the Nasdaq Stock Market as (KFX).[14]
In September 2014, Kofax acquired Softpro, an e-signature and signature verification software company in Stuttgart, Germany, as a separate entity.[15]
In March 2015, Kofax Inc. purchased Aia Holding, a customer communications management company in The Netherlands, in a US$19.5 million cash deal.[16] Also in March, the company introduced Mobile ID, image validation software for capturing proof-of-identity documents required for secure processes such as opening bank accounts.[16] On March 24, Lexmark International, Inc. and Kofax Inc. entered into a merger agreement. Lexmark acquired outstanding shares of Kofax Inc. for US$11 per share, or approximately US$1 billion.[17][18] After the acquisition closed, Kofax Inc. combined with Perceptive Software, a subsidiary of Lexmark, to form an expanded business content and management software unit of their parent company.[18] Kofax Inc. ended the 2015 fiscal year with US$297 million in revenue.[18]
In the spring of 2016, Lexmark and its subsidiaries were acquired by an investment consortium led by Apex Technology Co. and PAG Asia Capital. The purchase was valued at US$3.6 billion.[19]
In July 2017, private equity and growth capital firm Thoma Bravo acquired Lexmark's Enterprise Software business which consisted of three entities: Kofax, ReadSoft, and Perceptive Software.[20] Following this, Kofax and ReadSoft combined into a single, newly independent Thoma Bravo portfolio company.[20]
In November 2018, Kofax announced it was acquiring the Document Imaging Division of Nuance Communications.[21] By means of this acquisition, Kofax gained Nuance's Power PDF, PaperPort document management and OmniPage optical character recognition software applications.
In May 2019, Kofax issued a press release announcing the closing of its acquisition of Top Image Systems (NASDAQ:TISA)(TIS).[22]
In June 2021, Kofax announced the acquisition of PSIGEN Software, Inc., a provider of document capture, content management and workflow automation software and solutions.[23] In August, the company announced the acquisition of cloud-based print management system provider Printix.net.[24]
Products
Kofax develops intelligent automation software for businesses, for applications ranging from print management, to process automation and document/pdf management.[21] Its products are grouped into four categories: Intelligent Automation Platform; Finance & Accounting; Capture & Print; and Desktop Productivity.
The company's Intelligent Automation Platform supports digital workflows and includes the following components:
- TotalAgility, a workflow orchestration software within the Intelligent Automation Platform that includes low-code, document intelligence, process orchestration, and connected systems capabilities to improve business processes[25]
- RPA, robotic process automation software that allows code-free automation of labor-intensive, multi-step tasks across systems and data sources[26]
- SignDoc, e-signature software that verifies electronic signatures for document workflows[27]
The company's Finance & Accounting group develops an Accounts Payable (AP) Automation Platform which includes the following:
- AP Agility, artificial intelligence-enabled accounts payable software, used to simplify internal business processes[28]
- ReadSoft Online, invoice processing software that automatically captures and validates invoice data from multiple formats[29]
- Invoice Portal, an online portal for electronic invoicing[citation needed]
The company's Capture & Print business area develops software to support print-centric business processes, including the following:
- ControlSuite, print management, capture and document security software[30]
- AutoStore, software for automated and compliant document capture[31]
- Capture, software for processing and integrating content directly into a business's workflow from any location[31][32]
The company's Desktop Productivity software includes a variety of software for managing documents. Desktop Productivity products include:
- Power PDF, software for creating, converting, editing, sharing and e-signing PDF files.[33]
- PaperPort, software for scanning, storing and managing documents
Operations
Kofax is headquartered in Irvine, California.[2] As of 2020, it had approximately 2,000 employees in 30 countries around the world.[1] Specialized industries include healthcare, insurance, transportation & logistics, government, finance & accounting and business process management. Customers and partners include Xerox, HP Inc., Canon Inc., Samsung, Visa Inc. and The Bank of Tokyo-Mitsubishi.[21][34][35]
References
- ^ a b "Kofax Chief Bish Embraces Work-From-Home Concept". Orange County Business Journal. September 14, 2020. Retrieved November 9, 2021.
- ^ a b "Kofax CEO Explains $400M Document Imaging Buy". Orange County Business Journal. November 26, 2018. Retrieved November 9, 2021.
- ^ "Lexmark's Lenexa operations trade hands — again". Kansas City Business Journal. May 3, 2017. Retrieved November 9, 2021.
- ^ a b "One Executive's Spinoff Begat Second Venture : Technology: After an industry veteran built his own computer company, two of his workers found a non-competitive application for a business". LA Times. August 18, 1991. Retrieved November 9, 2021.
- ^ a b "Silver Will Step Down as Kofax Officer". LA Times. June 2, 2000. Retrieved November 9, 2021.
- ^ a b "Kofax acquired by international investment group". KMWorld. July 30, 1999. Retrieved November 9, 2021.
- ^ "Kofax Completes Initial Offering". LA Times. October 19, 1997. Retrieved November 9, 2021.
- ^ a b "Dicom Turns To Bish" (PDF). Document Imaging Report. November 16, 2007. Retrieved November 9, 2021.
- ^ "Kofax Buys Text Classification, Extraction Developer". eWeek. April 9, 2003. Retrieved November 9, 2021.
- ^ "Electronic data company consolidates under one name, Kofax, of Irvine". Orange County Register. February 22, 2008. Retrieved November 9, 2021.
- ^ "Kofax Limited". UNITED STATES SECURITIES AND EXCHANGE COMMISSION. 2013. Retrieved May 7, 2018.
- ^ "US takeover for Londonderry IT firm Singularity". BBC News. December 6, 2011. Retrieved May 7, 2018.
- ^ "Kofax Acquires Singularity; Unifies Document Capture and BPM for On-Premise, Cloud". Integration Developer News. 2018. Retrieved May 7, 2018.
- ^ "KOFAX LTD (KFX) IPO". NASDAQ. 2018. Retrieved May 7, 2018.
- ^ "Kofax Acquires German E-Signature Company". Orange County Business Journal. September 2, 2014. Retrieved November 9, 2021.
- ^ a b "Consumers are finally ready for paperless transactions. Are you?". Fortune. March 12, 2015. Retrieved May 7, 2018.
- ^ "Lexmark to Acquire Kofax". SEC GOV. March 24, 2015. Retrieved May 7, 2018.
- ^ a b c "Perceptive Software's owner makes $1 billion acquisition". The Kansas City Star. March 24, 2015. Retrieved May 7, 2018.
- ^ "Lexmark to Be Bought by Apex, PAG Asia in $3.6 Billion Deal". Bloomberg. April 19, 2016. Retrieved May 7, 2018.
- ^ a b "Thoma Bravo to Acquire Lexmark's Kofax". Finovate. May 8, 2017. Retrieved May 8, 2018.
- ^ a b c "Kofax CEO Explains $400M Document Imaging Buy". Orange County Business Journal. November 26, 2018. Retrieved November 9, 2021.
- ^ "Kofax Announces the Closing of its Acquisition of Top Image Systems". Kofax. May 6, 2019. Retrieved November 9, 2021.
- ^ "Kofax Acquires PSIGEN". Orange County Business Journal. November 9, 2021. Retrieved November 9, 2021.
- ^ "Kofax Acquires Print Management Software Provider Printix.net". PYMNTS. November 9, 2021. Retrieved November 9, 2021.
- ^ "Kofax expands low-code capabilities within TotalAgility". KMWorld. June 4, 2021. Retrieved November 9, 2021.
- ^ "Kofax, ImageTech Partnership Uses Intelligent Automation To Expedite COVID-19 Relief". Integration Developer News. June 23, 2020. Retrieved November 9, 2021.
- ^ "Kofax Simplifies E-Signature Capture, Processing". CMS Wire. July 9, 2020. Retrieved November 9, 2021.
- ^ "Kofax Rolls Out New Version of AP Agility Software". Pymnts. April 13, 2021. Retrieved November 9, 2021.
- ^ "Kofax, Microsoft Team On Enhancing AP Automation". CMS Wire. July 9, 2020. Retrieved November 9, 2021.
- ^ "Brother and Kofax partner to offer unified solution". KMWorld. March 27, 2020. Retrieved November 9, 2021.
- ^ a b Taulli, Tom (28 February 2020). The Robotic Process Automation Handbook: A Guide to Implementing RPA Systems. p. 249. ISBN 9781484257296.
- ^ "Kofax Chief Bish Embraces Work-From-Home Concept". US Department of Veteran's Affairs. March 12, 2020. Retrieved November 9, 2021.
- ^ "VA Technical Reference Model v 21.11". PC World. August 21, 2018. Retrieved November 9, 2021.
- ^ "Kofax, Visa Cut B2B Payments Deal". PYMNTS. November 5, 2014. Retrieved November 9, 2021.
- ^ "Tokyo-headquartered bank adopts RPA technology". KM World. February 26, 2018. Retrieved November 9, 2021.
- American companies established in 1985
- Software companies established in 1985
- Software companies based in California
- Companies based in Irvine, California
- Optical character recognition software
- Document management systems
- Automation software
- 2015 mergers and acquisitions
- 2017 mergers and acquisitions
- Private equity portfolio companies
- Software companies of the United States
- 1985 establishments in California