Lexmark to Purchase Kofax for $1B Cash; Paul Rooke Comments

acquisitionLexmark International’s (NYSE: LXK) board of directors and shareholders have agreed to acquire Kofax (NASDAQ: KFX) for nearly $1 billion in cash, or $11 per share.

The transaction is scheduled to close in the second quarter of 2015 and awaits a shareholder vote at Kofax, regulatory clearances and other customary closing terms, Kofax said Tuesday.

Kofax shareholders hold 25 percent of the company’s outstanding shares and have signed a voting agreement that commits them to support the merger.

Kofax’s smart process applications will be integrated into Lexmark’s Perceptive Intelligent Capture service under the merger agreement.

“Our customers will have a breadth of hardware and software solutions that connect their information silos and automate their business processes – enabling them to access the most relevant information at the moment they need it to drive business forward, ” said Paul Rooke, Lexmark chairman and CEO.

Lexmark says the acquisition will double its enterprise software revenue to $700 million and Kofax recorded $297 million in revenue for its 2014 fiscal year.

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