According to Kofax, 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.
Kofax has paid E2 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 E1.31 million up to a maximum of E10 million may be made during the ensuing four 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 GBP205,479.
Reynolds Bish, CEO of Kofax, said: 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. 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.