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Kofax Inc.
Company typeSubsidiary
IndustryComputer software
Founded1985
FoundersDavid Silver, Dean Hough (1985)
HeadquartersIrvine, California
Key people
Reynolds C. Bish (CEO)
ProductsRobotic process automation, Process Automation, Data integration, Customer communications management, Multichannel Information Capture, Analytics
RevenueIncrease $100 million (FY2014)[1]
Number of employees
1,381 as of 2014
ParentThoma Bravo
Websitewww.kofax.com

Kofax Inc. (Kofax) is an American process automation software provider with international headquarters in Irvine, California.[2]

Founded in 1985, Kofax provides process management, robotic process automation, e-signature, and mobility and customer communication services to 25,000 customers in 70 countries throughout the Americas, EMEA, and Asia Pacific.[3] The company employs a staff of approximately 1,381 in 75 countries as of 2014.[4]

The company is an independent portfolio company owned by private equity firm Thoma Bravo.

History

Originally founded by Dean Hough and David Silver in 1985, the computer software company allows customers to capture, manage, and access shared digital information through capture software.[5][6]

In the late 1990s and 2000s CEO and President Silver expanded the company's business.[7] Kofax Image Products, Inc. earned $4.2 million on sales of US$37 million by 1999.[8]

In July 1999, Kofax Image Products, Inc. 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.[9][10][11] DICOM was added to the Alternative Investment Market in 1996 before being listed on the London Stock Exchange in 1997.[12]

A focus on applications software, software rebranded for partners, and hardware was set in place by Dicom CEO Reynolds C. Bish.[13] Bish accepted the role as president, CEO, and executive director in November 2007, and oversaw the rebrand of Kofax Image Products, Inc. and Dicom Group to Kofax Inc. in January 2008.[14]

In May 2011, Kofax Inc. acquired Atalasoft Inc., an image software company whose primary product was a document imaging toolkit named dotImage.[15] By December, Kofax Inc.’s US$48 million bid to purchase Singularity was accepted.[16] This acquisition enabled business process management (BPM) and case management software to exist through public or private SaaS (software as a service) platforms.[17]

In the summer of 2013, Kofax Inc. added robotic process automation (RPA) to its product range with Kapow Software. Continued expansion led to Kofax Inc.’s addition to the NASDAQ Stock Market in December 2013 as (KFX).[18] One year later, Kofax acquired Softpro, an e-signature and signature verification software company in Stuttgart, Germany, as a separate entity for US$34.7 million.[19] By March 2015, Kofax Inc. purchased Aia Holding, a customer communications management company in The Netherlands, in a US$19.5 million cash deal.[20][21]

As the demand for single platform software with mobile applications increased, Kofax introduced Document Workflow, Imaging, Intelligent Capture, and Business Process Management. A variety of companies on the Fortune Global 100 list, including Aetna, American Express, Cardinal Health, HSBC, MetLife, and Visa, incorporate Kofax's mobile applications for business and consumer use.[22][23] Collaboration between Visa and Kofax expanded in November 2014 when Visa increased efforts to simplify business-to-business (B2B) transactions between client-facing and electronic record keeping systems in the Asia Pacific region.[24][25]

Kofax TotalAgility, Kapow, and Altosoft Insight analytics products interact with Visa's business-to-business transaction processes.[26] In February 2018, The Bank of Tokyo-Mitsubishi adapted Kofax Kapow and Kofax TotalAgility to automate more than 2,000 business processes across all functions.[27]

On January 15, 2015, Kofax announced an international partnership with Xerox Corporation that added over US$300 million in shareholder value.[28]

Lexmark acquisition of Kofax

On March 24, 2015, 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.[29][30] Shares of Kofax Inc. increased 45.73% ($10.93) after the company publicly announced the acquisition.[31] Once the acquisition settled, Kofax Inc. combined with Perceptive Software, a subsidiary of Lexmark, to form an expanded business content and management software unit of their parent company.[32][33]

The 2015 fiscal year of Kofax Inc. ended with US$297 million in revenue.[34] 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.[35]

Thoma Bravo purchases Kofax

Thoma Bravo, a private equity and growth capital firm, secured the July 2017 acquisition of Lexmark's Enterprise Software business which consists of three entities: Kofax, ReadSoft, and Perceptive Software.[36] Following this, Kofax and ReadSoft combined into a single, newly independent Thoma Bravo portfolio company.[37]

Kofax acquisition of Nuance Document Imaging

On February 1, 2019, Kofax announced the closing of its acquisition of Nuance Communications' Document Imaging Division.[38] By means of this acquisition, Kofax gained Nuance's Power PDF, PaperPort document management, and OmniPage optical character recognition software applications.

Kofax acquisition of Top Image Systems

On May 6, 2019, Kofax announced the closing of its acquisition of Top Image Systems (NASDAQ:TISA)(TIS).[39] The acquisition strengthens and enhances Kofax’s Digital Capture and SaaS-based capabilities, allowing the company to further advance the secure cloud capabilities of its Intelligent Automation platform.

References

  1. ^ Annual Report 2013
  2. ^ "Perceptive Software's owner makes $1 billion acquisition". The Kansas City Star. March 24, 2015. Retrieved May 7, 2018.
  3. ^ "Lexmark Enters Agreement to Acquire California-Based Kofax for $1 Billion". MMIT Business Solutions Group. October 28, 2016. Retrieved May 7, 2018.
  4. ^ "Kofax Limited". UNITED STATES SECURITIES AND EXCHANGE COMMISSION. 2014. Retrieved May 7, 2018.
  5. ^ "Lexmark Enters Agreement to Acquire California-Based Kofax for $1 Billion". MMIT Business Solutions Group. October 28, 2016. Retrieved May 7, 2018.
  6. ^ "Davil Silver". Bloomberg. 2018. Retrieved May 7, 2018.
  7. ^ "David Silver". Bloomberg. 2018. Retrieved May 7, 2018.
  8. ^ "Kofax to Be Purchased for $75 Million in Cash". Los Angeles Times. July 20, 1999. Retrieved May 7, 2018.
  9. ^ "Kofax Company Description". IT History Society. 2018. Retrieved May 7, 2018.
  10. ^ "Kofax acquired by international investment group". KMWorld. July 30, 1999. Retrieved June 7, 2018.
  11. ^ "Kofax to Be Purchased for $75 Million in Cash". Los Angeles Times. July 20, 1999. Retrieved May 7, 2018.
  12. ^ "Kofax Ltd". UNITED STATES SECURITIES AND EXCHANGE COMMISSION. 2014. Retrieved May 6, 2018.
  13. ^ "Kofax Appoints Reynolds Bish as CEO". ECM Connection. November 8, 2007. Retrieved May 7, 2018.
  14. ^ "Company Overview of Kofax Limited, Reynolds Carl Bish". Bloomberg. 2018. Retrieved May 7, 2018.
  15. ^ "Kofax Limited". UNITED STATES SECURITIES AND EXCHANGE COMMISSION. 2013. Retrieved May 7, 2018.
  16. ^ "US takeover for Londonderry IT firm Singularity". BBC News. December 6, 2011. Retrieved May 7, 2018.
  17. ^ "Kofax Acquires Singularity; Unifies Document Capture and BPM for On-Premise, Cloud". Integration Developer News. 2018. Retrieved May 7, 2018.
  18. ^ "KOFAX LTD (KFX) IPO". NASDAQ. 2018. Retrieved May 7, 2018.
  19. ^ "Softpro acquired by Kofax". Crunchbase. 2014. Retrieved May 7, 2018.
  20. ^ "Consumers are finally ready for paperless transactions. Are you?". Fortune. March 12, 2015. Retrieved May 7, 2018.
  21. ^ "Kofax acquires Aia for $19.5 million". Housing Wire. March 12, 2015. Retrieved May 7, 2018.
  22. ^ "Kofax TotalAgility". CabinetM. 2018. Retrieved May 7, 2018.
  23. ^ "Lexmark Acquires Kofax to Double its ECM BPM Business". Forbes. 2015. Retrieved May 7, 2018.
  24. ^ "Kofax, Visa Cut B2B Payments Deal". PYMNTS. November 5, 2014. Retrieved May 7, 2018.
  25. ^ "Visa, Kofax Work to Modernize B2B Payments in Asia". PaymentsSource. December 8, 2014. Retrieved May 7, 2018.
  26. ^ "Visa banks on Kofax for transaction data management in APAC". Digital News Asia. November 11, 2014. Retrieved May 7, 2018.
  27. ^ "Tokyo-headquartered bank adopts RPA technology". KM World. February 26, 2018. Retrieved May 7, 2018.
  28. ^ "LEXMARK TO ACQUIRE KOFAX FOR $1B: IMPACT ON THE CAPTURE MARKET". Ephesoft. April 2, 2015. Retrieved May 7, 2018.
  29. ^ "Lexmark to Acquire Kofax". SEC GOV. March 24, 2015. Retrieved May 7, 2018.
  30. ^ "Perceptive Software's owner makes $1 billion acquisition". The Kansas City Star. March 24, 2015. Retrieved May 7, 2018.
  31. ^ "Kofax (KFX) Stock Skyrocketing Today on Lexmark Acquisition". The Street. March 25, 2015. Retrieved May 7, 2018.
  32. ^ "Perceptive Software's owner makes $1 billion acquisition". The Kansas City Star. March 24, 2015. Retrieved May 7, 2018.
  33. ^ "Kofax (KFX) Stock Skyrocketing Today on Lexmark Acquisition". The Street. March 25, 2015. Retrieved May 7, 2018.
  34. ^ "Perceptive Software's owner makes $1 billion acquisition". The Kansas City Star. March 24, 2015. Retrieved May 7, 2018.
  35. ^ "Lexmark to Be Bought by Apex, PAG Asia in $3.6 Billion Deal". Bloomberg. April 19, 2016. Retrieved May 7, 2018.
  36. ^ "Thoma Bravo to Acquire Lexmark's Kofax". Finovate. May 8, 2017. Retrieved May 8, 2018.
  37. ^ "Thoma Bravo to Acquire Lexmark's Kofax". Finovate. May 8, 2017. Retrieved May 8, 2018.
  38. ^ "Kofax Announces the Closing of its Acquisition of Nuance Document Imaging". Kofax Inc. February 1, 2019. Retrieved February 1, 2019.
  39. ^ "Kofax Announces the Closing of its Acquisition of Top Image Systems | Kofax". www.kofax.com. Retrieved 2020-11-16.

Capture Multi Line OCR on Kofax

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