Friday, May 20, 2011
Kofax Buys Imaging Software Firm
Irvine-based Kofax, the provider of document scanning and automation systems, said Thursday that it has entered into a definitive agreement to acquire Atalasoft, a developer of imaging software development toolkits (SDKs). Kofax said it will pay $5.5M in cash for the company. The deal is split into $4.7M on closing of the transaction, and $0.8M paid one year form closing. The deal also includes $4.2M in earnout over the next two and a half years. Atalasoft was based in Easthampton, Mass. and has approximately 20 employees. Kofax said that the company had 2010 revenues of $3.6M.