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Printer Giant Lexmark to Acquire Kofax for $1 Billion

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Kofax creates mobile and web solutions made to simplify customer interactions. The California-based company announced today it has been acquired by Kentucky-based Lexmark International, a global corporation with approximately $3.8 billion in revenue.

Kofax’s Board of Directors, which accounts for 25% of the company’s shareholders, unanimously voted in favor of the merger. Lexmark will pay $11 per share in cash for all outstanding shares of Kofax, for a total value of $1 billion (net of cash acquired).

Lexmark is well-known for its hardware, such as printers, copiers, and fax machines. The company also distributes document imaging and electronic form software, under the brand Perceptive Software, that competes with Kofax’s offerings. Scott Coons, Perceptive Software president and CEO and Lexmark VP states:

“The combination of Perceptive Software and Kofax solutions strengthens the breadth and depth of our offering, giving us an… ability to help customers… connect unstructured information to their systems of record.”

Additionally, Lexmark anticipates the acquisition will expand its reach to mid-market business customers. Kofax has 20,000 customers and 850 channel partners across the globe.

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When the acquisition closes in Q2 of 2015, Lexmark will double the size of the software branch of its business.

Kofax was founded in 1985. Reynolds Bish is CEO. The company last demoed at FinovateSpring 2014 where it debuted its Mobile Capture Platform. Kofax won Best of Show at FinovateAsia 2013 in Singapore.