tech:

taffy

Lexmark Buys Software Maker Kofax For $1B

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

Apple sued in a landmark iPhone monopoly lawsuit — CNN

The US Justice Department and more than a dozen states filed a blockbuster antitrust lawsuit against Apple on Thursday, accusing the giant company of illegally monopolizing the smartphone market, writes Brian Fung, Hannah Rabinowitz and Evan Perez.

Google is bringing satellite messaging to Android 15 — The Verge

Google’s second developer preview for Android 15 has arrived, bringing long-awaited support for satellite connectivity alongside several improvements to contactless payments, multi-language recognition, volume consistency, and interaction with PDFs via apps, writes Jess Weatherbed. 

Reddit CEO Steve Huffman is paid more than the heads of Meta, Pinterest, and Snap — combined — QZ

Reddit co-founder and CEO Steve Huffman has been blasted by Redditors and in media reports over his recently-revealed, super-sized pay package of $193 million in 2023, writes Laura Bratton. 

British AI pioneer Mustafa Suleyman joins Microsoft — BBC

Microsoft has announced British Artificial Intelligence pioneer Mustafa Suleyman will lead its newly-formed division, Microsoft AI, according to the BBC report. 

UnitedHealth Group has paid more than $2 billion to providers following cyberattack — CNBC

UnitedHealth Group said Monday that it’s paid out more than $2 billion to help health-care providers who have been affected by the cyberattack on subsidiary Change Healthcare, writes Ashley Capoot.