Printing and imaging company Lexmark has entered into a merger agreement, in which the company will acquire Kofax, a company that provides smart process applications for approximately $1 billion. The acquisition is expected to close in the second quarter of 2015, and is contingent on Kofax shareholder approval, applicable regulatory clearances and other customary closing conditions.

Upon successful completion of the acquisition, Lexmark says it will roughly double the size of its enterprise software business to an approximately $700 million business, competing in the expanding $10 billion content and process management software market.

Founded in 1985 and headquartered in Irvine, California, Kofax reported revenues of $297 million last year. The company has over 20,000 customers worldwide, and over 850 channel partners globally, according to a statement released by Lexmark.

Goldman Sachs is serving as financial advisor to Lexmark on the transaction, while Lazard is serving as financial advisor to Kofax.

[Image courtesy: Goldman Sachs]