With More than 90 Percent of Shares, Lexmark Set to Acquire ReadSoft

headquarters 2After a protracted bidding war with Hyland Software, Lexmark International reports today that it’s 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.

Lexmark is acquiring ReadSoft for approximately $251 million, which it will fund entirely with its non U.S.-based cash.

Now that it holds more than 90 percent of ReadSoft shares, the firm plans to request a compulsory purchase of outstanding minority shares of ReadSoft. Settlement for the shares tendered prior to the September 4th expiration date of Lexmark’s tender offer is expected to begin around September 11th.

“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. “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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