Kofax Acquires OptiInvoice Digital Technology AB
BASINGSTOKE, England--(BUSINESS WIRE)-- Kofax plc (LSE:KFX), the leading provider of Intelligent Capture & Exchange solutions, today announced that it has acquired the shares of OptiInvoice Digital Technology AB ("OptiInvoice"), a Scandinavian company that develops and markets electronic invoice and other document processing software.
Headquartered in Stockholm, Sweden, OptiInvoice provides software that allows electronic invoices and other documents to be digitally encrypted and transmitted or submitted via e-mail and other data streams in standard text, image and extensible markup language (XML) file formats. It then allows the recipient to accept and process those same files.
The software eliminates the need to print, mail, receive and process paper-based invoices and other documents, thereby significantly reducing otherwise manual labor processes and costs, improving the accuracy of the related data and accelerating processing times. This enables better accounts payable management to ensure that all application terms, conditions and discounts are fully utilized.
The majority of invoices and other documents continue to originate in a paper format but many companies and government agencies are gradually migrating to electronic formats to improve efficiency and lower costs. As a result, the adoption of electronic invoice and other document processing software is accelerating and users are in need of a capture solution capable of accommodating both paper and electronic formats.
The combination of the OptiInvoice software with existing Kofax Capture and Transformation Modules software addresses these market requirements. The OptiInvoice and Kofax software products have been successfully integrated, and the integrated solution will be released during the current calendar quarter.
"This acquisition is a natural extension of our intention to grow both organically as well as through the acquisition of synergistic software companies and products," said Reynolds C. Bish, Chief Executive Officer at Kofax. "It also begins to level the competitive landscape in the invoice processing segment of the capture market, where we previously needed to partner with a third party to provide these capabilities while our most direct competitor could already offer a complete solution. This should enable us to accelerate our revenue growth in this important and rapidly-growing segment of the capture market."
Kofax has paid 2.00 million Euros (£1.57 million) in cash upon the closing of the acquisition, a portion of which will be held in escrow for a period of time. Further conditional payments estimated to be in the range of 1.31 million Euros up to a maximum of 10.00 million Euros (£1.03 to £7.84 million) may be made during the ensuing 4 years subject to the achievement of certain performance criteria and the retention of certain employees. The acquisition is expected to be EBITA neutral in the current financial year and accretive thereafter. OptiInvoice broke even in the year ended December 31, 2007, and at December 31, 2007 reported gross assets of £205,479.
About Kofax plc
Kofax plc (LSE:KFX) is the leading provider of Intelligent Capture & Exchange solutions. For more than 20 years, Kofax has provided award-winning solutions that automate document-driven business processes by managing the transformation and exchange of business-critical information arising in paper, fax and electronic formats in a more accurate, timely and cost-effective manner. These solutions provide a verifiable return on investment to thousands of customers in financial services, manufacturing, retail, government, healthcare, business process outsourcing and other markets. Kofax delivers these solutions through its own sales and service organisations, and a global network of more than 1,200 authorised partners in more than 60 countries throughout the Americas, EMEA and Asia Pacific. For more information, visit http://www.kofax.com/.
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