SAN FRANCISCO, July 10, 2017 /PRNewswire/ — Thoma Bravo, a leading private equity firm, today announced that it has completed the acquisition of Lexmark International, Inc.’s enterprise software business, which is comprised of Kofax, ReadSoft and Perceptive.
As part of the transaction, Kofax and ReadSoft have been combined to create a single, newly independent Thoma Bravo portfolio company under the Kofax brand led by Reynolds C. Bish, previously president of Lexmark Enterprise Software. Kofax software and solutions are used in a variety of vertical markets and include Kofax TotalAgility®, Kofax Kapow™ robotic process automation (RPA), and ReadSoft Process Director™ for financial process automation products.
Lexmark’s Perceptive business has been acquired by Hyland Software, Inc., a Thoma Bravo portfolio company since 2007 led by president and CEO Bill Priemer, and a leading provider of enterprise information software. Perceptive software products include Perceptive Content, Perceptive Intelligent Capture, Acuo VNA, PACSGEAR and Enterprise Medical Image Viewing, among others. Financial details were not disclosed.
“Kofax and ReadSoft have a proven track record of delivering high-quality software that is of great value to the enterprise. By helping simplify and streamline burdensome processes, Kofax enables businesses to focus on its customers,” said Seth Boro, managing partner at Thoma Bravo. “Thoma Bravo is excited to combine these two brands into one unified company, while adding the Perceptive portfolio to Hyland Software. This investment leverages our operational knowledge, deep industry experience and business-building capital to enhance both Kofax and Hyland’s value to its customers and our investors.”
“Kofax and ReadSoft have become market-leading providers of software to simplify the initial information-intensive transactions for businesses and organizations, which is critical for success in today’s corporate marketplace,” said Chip Virnig, principal at Thoma Bravo. “We look forward to partnering with Kofax’s current management team to strengthen and support the company’s innovative, customer-focused process automation software offerings.”
“Kofax could not have found a better partner than Thoma Bravo,” said Reynolds C. Bish, president and CEO of the newly-formed Kofax. “Their understanding of our market, our products and services, and confidence in our management team will enable Kofax to continue pursuing our vision of digitally transforming and simplifying the First Mile™ of business.”
“For years we’ve admired the people and technology of Perceptive, and by combining our teams, we bring together so many talented people with years of experience developing transformational solutions and working with customers to solve critical business issues,” said Bill Priemer, president and CEO of Hyland. “Going forward, I believe there’s no content, process or case management challenge we can’t solve together.”
Credit Suisse and Goldman, Sachs & Co. served as financial advisors to Thoma Bravo. Kirkland & Ellis LLP provided legal counsel to Thoma Bravo and Hyland. Lexmark’s financial advisor was Lazard, and its legal counsel was Dechert LLP. Financing for the transaction was arranged by Credit Suisse, Goldman, Sachs & Co. and UBS Investment Bank.
About Thoma Bravo
Thoma Bravo is a leading private equity firm focused on the software and technology-enabled services sectors. With a series of funds representing more than $17 billion in capital commitments, Thoma Bravo partners with a company’s management team to implement operating best practices, invest in growth initiatives and make accretive acquisitions intended to accelerate revenue and earnings, with the goal of increasing the value of the business. Representative past and present portfolio companies include industry leaders such as Blue Coat Systems, Deltek, Digital Insight, Global Healthcare Exchange, Hyland Software, PowerPlan, Qlik, Riverbed, SailPoint, SolarWinds, SonicWall, Sparta Systems and TravelClick. The firm has offices in San Francisco and Chicago. For more information, visit ThomaBravo.com.
Kofax is a leading provider of software to simplify and transform the First Mile™ of business. Success in the First Mile can dramatically improve the customer experience, greatly reduce operating costs and increase competitiveness, growth and profitability. Kofax software and solutions provide a rapid return on investment to more than 25,000 customers in financial services, insurance, government, supply chain, business process outsourcing and other markets. Kofax markets its solutions via a direct sales and service organization, along with a global network of more than 1,000 authorized partners in more than 70 countries throughout the Americas, EMEA and Asia Pacific.
Hyland is a leading provider of software solutions for managing content, processes and cases for organizations across the globe. For over 25 years, Hyland has enabled more than 15,500 organizations to digitalize their workplaces and fundamentally transform their operations. Named one of Fortune’s Best Companies to Work For® since 2014, Hyland is widely known as both a great company to work for and a great company to do business with. For more information, please visit Hyland.com.
Stay on top of the latest industry news. Have news to share? We want to help you spread the word. Submit your media releases to firstname.lastname@example.org