Kofax, a provider of capture driven business process automation solutions, has acquired Singularity Limited, a provider of business process management (BPM) software and case management solutions.
Kofax has acquired all of Singularity’s stock for total consideration of up to $48.1 million in cash, net of cash held by the company on closing. Of this amount, $30.3 million was paid on closing of the transaction and $3.3 million will be paid one year from closing subject to certain indemnification terms and conditions. Additional payments totalling up to $14.5 million may be made one and two years following closing subject to the achievement of specific annual software license revenue growth rates and certain management employment conditions.
Singularity was a privately held company headquartered in Derry, Northern Ireland, with approximately 215 employees. Audited financial statements for its fiscal year ended September 30, 2011 reflected revenues of $16.1 million, an Adjusted EBITA of $1.0 million and gross assets of $18.2 million with no material debt. Padraig Canavan, age 50, was its most important employee and majority shareholder. He is now an employee of Kofax, functioning as its senior vice president of BPM Software Sales.