Lexmark Increases its Bid for ReadSoft for Third Time, Gains Majority Voting Control


headquarters 2Lexmark International reports that it’s acquired shares from the founders of Sweden-based software maker ReadSoft, gained majority voting control, and that it’s increased its offer price for ReadSoft shares to SEK 57.00.

Lexmark International acquired 1,193,580 class A ReadSoft shares, and a further 5,822,390 class B ReadSoft shares, from the company’s founders Lars Appelstål and Jan Andersson at a cash price of SEK 57.00 per share. Lexmark now holds 1,193,580 class A shares and 9,686,124 class B shares in the ReadSoft, representing approximately 35.4 percent of the shares and 52.2 percent of the votes.

Lexmark also announced an increase of its offer price to SEK 57.00 per share, as well as an extension of the acceptance period for its offer, which now stands until September 4th. This is the third time Lexmark has increased its offer price. In its first bid, Lexmark had originally offered SEK 50.00 per share.

The firm previously stated that it believes the combination of ReadSoft with Lexmark’s Perceptive Software is a strong strategic fit. Hyland Software has also been seeking to acquire ReadSoft.

If Lexmark acquires ReadSoft, it will combine ReadSoft with its 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.

Lexmark’s Chairman and CEO Paul Rooke commented, “We are pleased that the two founders of ReadSoft have decided to sell their shares to Lexmark. With the addition of their shares, Lexmark now controls approximately 52 percent of the company. Lexmark is also increasing its tender offer price to SEK 57.00 per share, reflecting our confidence in the strong strategic fit of our combined businesses. We firmly believe that Lexmark will be the best home for ReadSoft and its employees.”


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