Monday, January 17, 2011
Kofax To Sell Hardware Business, Cut Staff
Irvine-based Kofax, a provider of document management software and hardware, said Sunday that it is selling its hardware business to a German private equity firm, and cutting staff. Kofax said it is selling the business to Hannover Finanz, in a deal expected to be worth approximately $20M after tax. In addition to the sale, Kofax said it is taking a charge of $2.6M for restructuring of its software business in Europe, Middle East, and Africa, and will be eliminating 20 positions related to that business. The firm said the moves would allow it to focus on and further grow its software business. Kofax said its hardware business had approximately 200 employees, and had revenues of $128.5M and EBITDA of $2.3M for its fiscal year ended June 30th.