Tuesday, December 6, 2011
Kofax Buys BPM Firm Singularity
Irvine-based Kofax, the developer of business process automation software, said late Monday evening that it has acquired an Irish business process management software firm, Singularity Limited. Kofax said it will pay $48.1M in cash for Singularity, split between $30.3M at close, $3.3M at one year, and $14.5 via earnout. Kofax said the acquisition "significantly increases" its addressable market. Singularity was headquartered in Derry, Northern Ireland, and had approximately 215 employees. The firm had revenues of $16.1M for its fiscal year ended September 30, 2011.