Kofax

Kofax Inc.
Subsidiary
Traded as NASDAQ: KFX
Industry Computer software
Founded 1985
Founders David Silver, Dean Hough (1985)
Headquarters Irvine, California
Key people
 Reynolds C. Bish, (CEO)
Products Robotic process automation, Process Automation, Data integration, Customer communications management, Multichannel Information Capture, Analytics
Revenue Increase $298 million (FY2014)[1]
Number of employees
 1,381 as of 2014
Website www.kofax.com

Kofax Inc. (Kofax) is a 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]

Company 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]

The late 1990s and 2000s brought opportunities for business advancement, product development, and acquisition under CEO and President Silver.[7] Kofax Image Products, Inc. earned $4.2 million on sales of $37 million USD 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 $75 million USD 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 would oversee 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 $48 million USD 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 $34.7 million USD.[19] By March 2015, Kofax Inc. purchased Aia Holding, a customer communications management company in The Netherlands, in a $19.5 million USD 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]

Lexmark Purchases Kofax

On March 24, 2015 Kofax Inc. and Lexmark International, Inc. would enter into a merger agreement. Lexmark acquired outstanding shares of Kofax Inc. for $11 USD per share, or approximately $1 billion USD.[28][29] Shares of Kofax Inc. increased 45.73% ($10.93) after the company publicly announced the acquisition.[30] 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.[31][32]

Two months prior to Lexmark’s purchase, Xerox announced an international partnership with Kofax in January that added over $300 million USD in shareholder value.[33] The 2015 fiscal year of Kofax Inc. ended with $297 million USD 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 $3.6 billion USD.[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 would combine into a single, newly independent Thoma Bravo portfolio company.[37]

The First Mile

The “First Mile” is a trademark of Kofax that is intended to describe the initial information-intensive interactions customers have with an organization, such as loan applications, claim submissions, and new account openings.

Recognition

In 2015, Kofax was named the Most Innovative Solution for Banking Customer Authentication by Grand Prix Banque & Innovation.[38] By 2017, the brand was recognized as a Best Channel Vendor by Business Solutions Magazine in January, a Hot Vendor in Robotic Process Automation in September, and the Most Innovative Solution for Banking Customer Authentication by Grand Prix Banque & Innovation in October.[39][40][41] Kofax Kapow was added to Constellation ShortList for Robotic Process Automation in February 2018.[42]

Products and services

The product and professional services of Kofax Inc. are managed by Kofax employees and approximately 850 authorized retailers.[43]

  • Kofax Kapow: Robotic Process Automation and web data integration[44]
  • Kofax Insight: Rapid, no-coding development, near real-time reporting, dashboard, visualization and extract, transform, load (ETL) capabilities for both data and process analytics.[45]
  • Kofax TotalAgility: Multi-channel capture, business process and case management, data integration, advanced analytics and mobility in a single platform[46]
  • Kofax ReadSoft Online: Cloud-based invoice processing automation solution with a low support/maintenance cost for consumers[47]
  • Kofax Capture: Scan documents and forms to replicate digital information to extract[48]
  • Kofax SignDoc: E-signature solution that can be integrated with Kofax FraudOne to capture signatures at new account opening and pass them to a database for verification.[49]

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". SEC GOV. March 24, 2015. Retrieved May 7, 2018.
  29. ↑ "Perceptive Software's owner makes $1 billion acquisition". The Kansas City Star. March 24, 2015. Retrieved May 7, 2018.
  30. ↑ "Kofax (KFX) Stock Skyrocketing Today on Lexmark Acquisition". The Street. March 25, 2015. Retrieved May 7, 2018.
  31. ↑ "Perceptive Software's owner makes $1 billion acquisition". The Kansas City Star. March 24, 2015. Retrieved May 7, 2018.
  32. ↑ "Kofax (KFX) Stock Skyrocketing Today on Lexmark Acquisition". The Street. March 25, 2015. Retrieved May 7, 2018.
  33. ↑ "LEXMARK TO ACQUIRE KOFAX FOR $1B: IMPACT ON THE CAPTURE MARKET". Ephesoft. April 2, 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 erhält im dritten Jahr in Folge die Auszeichnung "Most Innovative Solution for Banking Customer Authentication"". WallStreet Online. October 18, 2017. Retrieved May 8, 2018.
  39. ↑ "QuoteWerks - Best Channel Vendors 2017". Best Channel Vendors. 2017. Retrieved May 8, 2018.
  40. ↑ "Hot Vendors in Robotics Process Automation (RPA), 2017". Aragon Research. 2017. Retrieved May 8, 2018.
  41. ↑ "Kofax erhält im dritten Jahr in Folge die Auszeichnung "Most Innovative Solution for Banking Customer Authentication"". WallStreet Online. October 18, 2017. Retrieved May 8, 2018.
  42. ↑ "Robotic Process Automation Kofax". Alan Lepofsky. February 13, 2018. Retrieved May 8, 2018.
  43. ↑ "KOFAX LTD (KFX) IPO". NASDAQ. 2018. Retrieved May 8, 2018.
  44. ↑ "Kofax Named "Hot Vendor in Robotic Process Automation"". Benzinga. September 6, 2017. Retrieved May 8, 2018.
  45. ↑ "Kofax and Visa to smooth B2B payment challenges". Tech Trade Asia. November 5, 2015. Retrieved May 8, 2018.
  46. ↑ "Visa banks on Kofax for transaction data management in APAC". Digital news Asia. November 11, 2014. Retrieved May 8, 2018.
  47. ↑ "Kofax ReadSoft Online (Kofax RSO)". Digital News Asia. November 12, 2017. Retrieved May 8, 2018.
  48. ↑ "Kofax Capture". Genus Technologies. 2018. Retrieved May 8, 2018.
  49. ↑ "Kofax SignDoc SDK". Genus Technologies. 2018. Retrieved May 8, 2018.
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