TechTaffy

tech:

taffy

Lexmark Buys Software Maker Kofax For $1B

By TechTaffy Desk

Kofax

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]

Just in

Fundings

Dropzone AI raises $16.85M

Dropzone AI, a company that delivers pre-trained autonomous AI analysts that work alongside human analysts on security operations teams, has raised $16.85 million in a Series A funding round.
IT

Akamai to acquire Noname Security for $450M

Akamai Technologies has entered into an agreement to acquire San Jose, California-based, privately-funded API security company Noname Security, for approximately $450 million.
AI

Ukraine unveils AI-generated foreign ministry spokesperson — The Guardian

Victoria Shi is modelled on Rosalie Nombre, a singer and former contestant on Ukraine’s version of the reality show The Bachelor, according to the report on The Guardian. 
Industry

Synopsys to sell software integrity group to private equity firms for $2.1B

Synopsys has entered into an agreement with Clearlake Capital Group and Francisco Partners for the sale of its Software Integrity Group business in a transaction valued at up to $2.1 billion.
Industry

IBM to deploy next-generation quantum computer at RIKEN in Japan

IBM has announced an agreement with RIKEN, a Japanese national research laboratory, to deploy IBM's quantum computer architecture and quantum processor at the RIKEN Center for Computational Science in Kobe, Japan.