ReadSoft is Now Officially Part of Lexmark International, Merged into Perceptive Software

new hqAfter winning a protracted bidding war with Hyland Software, Lexmark International has officially acquired ReadSoft, which will now be merged into Lexmark’s Perceptive Software division.

ReadSoft will have an updated brand name, shown below.

readsoft logoReadSoft says its merger “is an exciting step,” as Lexmark has a significant international presence and has acquired ReadSoft in a strategic move to further transform itself into a solutions-based software company. Lexmark is focused on connecting unstructured printed and digital information across enterprises with the processes, applications, and people that need it most. In 2013, Lexmark sold products in more than 170 countries and reported revenues of US $3.7 billion.

Effective immediately, ReadSoft will operate within Lexmark’s Perceptive Software segment, which is based in the Kansas City area, and, like ReadSoft, has offices and customers around the world. Perceptive Software itself was acquired by Lexmark in 2010.

ReadSoft says its existing customers, users, and partners can “rest assured that the changes happening internally at ReadSoft will not affect you at this time. We will continue to serve and provide you with the same solutions, services, and expertise around the globe, as always.”

In September 2014, Lexmark International reported that it was on track to acquire Sweden-based ReadSoft, acquiring approximately 98 percent of ReadSoft shares, with the shareholders of ReadSoft having accepted Lexmark’s revised offer of Swedish Krona (SEK) 57.00 per share. The company acquired ReadSoft for approximately $251 million, which it will fund entirely with its non U.S.-based cash.

“ReadSoft is a strong strategic fit for Lexmark, enabling Perceptive Software to significantly grow its software presence with additional document-process automation capabilities and expand its footprint in Europe,” commented Paul Rooke, Lexmark chairman and CEO, in September 2014. “We are pleased with the results from the offer and we can now look forward to taking the next steps toward integration of the company.”

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.

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