By: Linda Rosencrance
Private equity firm Thoma Bravo has entered into an agreement to acquire the enterprise software business of imaging company Lexmark International Inc., which is made up of three primary businesses: Kofax, ReadSoft and Perceptive Software. The deal is expected to close in the third quarter of this year. Apex Technology Co Ltd, PAG Asia Capital and Legend Capital Management Co. Ltd, which acquired Lexmark in November, support the sale of the enterprise software business, according to company officials.
Through these software properties, Lexmark has provided cloud-based invoice processing and image automation solutions for Microsoft Dynamics products and other ERP solutions.
After the deal closes, the Perceptive Software business, including Perceptive Intelligent Capture, Acuo VNA, PACSGEAR and Enterprise Medical Image Viewing will be sold to Hyland Software Inc., a Thoma Bravo portfolio company and provider of enterprise content management software headed up by Bill Priemer, the company’s president and CEO, officials said.
The Kofax and ReadSoft businesses, which will be merged into a new independent Thoma Bravo company under the Kofax brand, will be led by Reynolds Bish, current president of Lexmark Enterprise Software.
“We’re incredibly excited to be acquiring the Lexmark Enterprise Software business as it contains some of the most advanced digital transformation technologies in the industry,” said Seth Boro, a managing partner at Thoma Bravo, in a statement. “The Perceptive Software business is highly complementary to Hyland, providing innovative technologies and vertical expertise.”
And Kofax remains closely engaged in the Dynamics space. The company has announced today that Kofax Invoice Capture Service (ICS) is “embedded in and shipping with” Microsoft Dynamics NAV 2016, NAV 2017 and Microsoft Dynamics 365 for Financials (Business Edition). The solution uses a freemium model, with the processing of up to 75 invoices per month at no charge.
“Kofax is committed to improving Invoice Capture Service by continually optimizing its state-of- the-art line item extraction, rich verification and workflow capabilities,” said Howard Dratler, executive vice president of field operations at Kofax. “We continue to offer the best solution available for organizations to quickly and easily automate their AP processes, improve operations and reduce costs.”