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Lexmark to acquire Kofax

Editorial Type: News     Date: 04-2015    Views: 3247   






World domination plans continue apace!

Lexmark and Kofax have entered into a merger agreement in which Lexmark will acquire Kofax for $11.00 per share in cash, for a total enterprise value of approximately $1 billion. Kofax's Board of Directors has unanimously recommended in favor of the merger agreement. Kofax shareholders, holding approximately 25 percent of the outstanding shares of Kofax, have signed a voting agreement committing to support the merger. Upon successful completion of the acquisition, Lexmark will nearly double the size of its enterprise software business to an approximately $700 million business competing in the expanding $10 billion content and process management software market. This market is expected to have a compounded annual growth rate of approximately 10 percent. In addition to the significant increase in scale, Kofax will help accelerate the growth and significantly increase the operating margins of Lexmark's software business. The acquisition is expected to close in the second quarter of 2015 and is contingent on Kofax shareholder approval, applicable regulatory clearances and other customary closing conditions.

"We believe joining forces with Lexmark benefits our customers, partners, employees and shareholders and the merger will build on Kofax's rich history of continuous innovation," said Reynolds C. Bish, chief executive officer, Kofax. "Our market-leading ability to simplify and transform the First Mile of customer engagement is a strong complement to Perceptive Software's strength in managing information across silos. As a result, we're excited about the future and working together to realize the full potential of this opportunity to the benefit of all stakeholders."

"The acquisition of Kofax enhances our best-in-class offerings so our customers can capture, manage, access, and act upon their information more efficiently, and extends Lexmark into the high-growth smart process applications market," said Paul Rooke, "The acquisition of Kofax enhances our best-in-class offerings so our customers can capture, manage, access, and act upon their information more efficiently, and extends Lexmark into the high-growth smart process applications market," said Paul Rooke, Lexmark chairman and chief executive officer. "Our customers will have a breadth of hardware and software solutions that connect their information silos and automate their business processes - enabling them to access the most relevant information at the moment they need it to drive business forward. Kofax accelerates Lexmark's development of industry-specific solutions while also immediately expanding our reach into the midmarket, where there is increasing demand for technology to better manage the growing amount of unstructured information and improve customer engagement,"
www.kofax.com

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