Lexmark Seeking to Acquire ReadSoft, Maker of Document-Capture and Processing Solutions

Lexmark International reports that it’s making an offer for all outstanding shares of Sweden-based ReadSoft, offering $6.11 in cash for each share, for a total price of approximately $182 million. ReadSoft’s Board of Directors has unanimously recommended in favor of Lexmark’s offer, and the offer is also supported by ReadSoft’s two largest shareholders.

Upon completion of the offer, ReadSoft will be combined with Lexmark’s Perceptive Software. With the addition of ReadSoft, Lexmark says Perceptive Software will significantly grow its software presence with additional document-process automation capabilities and the expansion of its footprint in Europe. It says ReadSoft’s technology and market presence will also complement Lexmark’s Perceptive Software, strengthening its position as a provider of intelligent data-capture software solutions for back-office processes.

ReadSoft is a global provider of software solutions that automate business processes, both on premise and in the cloud. Its software captures, classifies, sorts, and routes both scanned hard copy and digital business documents, provides approval workflows, and automatically extracts and verifies relevant data before depositing it into a customer’s systems of record.  It’s recognized in the industry for its strong integration with leading ERP (Enterprise Resource Planning) systems such as SAP and Oracle, for applications that include invoice processing, accounts-payable automation and sales-order processing. Its software also automates business processes for claims, applications, and questionnaire-processing across a number of industry segments.

ReadSoft has over 12,000 customers worldwide, operates in 70 countries, and has more than 350 channel partners. It also has many enterprise customers diversified across multiple industries, including manufacturing, retail, banking, insurance, and the public sector. Customers include BASF, Siemens, Bosch, HSBC Bank, ING, Lego, and John Deere.  

ReadSoft was founded in 1991 and has approximately 625 employees. The company is headquartered in Helsingborg, Sweden. Its full-year 2013 revenue was approximately $1172 million.

Completion of Lexmark’s share offer is contingent upon acceptance by ReadSoft shareholders representing more than 90 percent of the total number of outstanding shares of ReadSoft, applicable regulatory clearances, and other customary closing conditions. Lexmark expects its share offer to close in 2014’s second quarter.

The offer and acquisition is part of Lexmark’s strategy to pursue acquisitions that strengthen and support the growth of Lexmark’s solutions capabilities.

“Our tender offer for the shares of ReadSoft supports Lexmark’s ongoing strategy of building our high-value solutions that help our customers manage their unstructured information challenges,” commented Lexmark Chairman and CEO Paul Rooke. “The combination of ReadSoft and Perceptive Software will enhance our ability to create solutions that manage the ever-expanding forms of content, from traditional hard copy documents to mobile video and audio in today’s digital business environment.”

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