Thoma Bravo Acquires Lexmark Software Business; Perceptive Acquired by Hyland
Private-equity firm Thoma Bravo reported today that it’s completed its acquisition of Lexmark International’s enterprise software business, which consists 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, 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.”
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- May 2017: Private-Equity Firm, Hyland Software to Acquire Lexmark’s Software Business
- February 2017: Ninestar Discusses Lexmark Acquisition; Aims to be ‘One Stop Provider’ for Printer Industry
- January 2017: Lexmark to Lay Off 10 Percent of Software Group Employees
- December 2016: Apex Technology Says Lexmark Acquisition Will Help it Create Global Printer Empire
- November 2016: It’s Official: Lexmark Acquired by Apex and Investors; Reeder Named CEO