Media-based business intelligence software firm Altosoft acquired for $13.5 million
Tom Paine
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Kofax, plc, which is headquartered in Irvine, CA, though it is listed on the London Stock Exchange (LSE: KFX), announced on Friday it had acquired Media-based Altosoft for $13.5 million in cash plus additional possible payments depending upon performance.
Altosoft provides business intelligence software focused on Business Process Management (BPM) applications, with a particular strength in healthcare. Altosoft's software "provides rapid, no-coding development of near real time reporting and dashboard applications through the use of a data integration and analytics engine utilizing in-memory techniques," Kofax said in its release. "The software is available for both traditional on-premise deployments and as a hosted SaaS subscription offering featuring multi-tenant capabilities." Kofax emphasized that the major reason for its acquiring Altosoft was to deliver informstion to its customers faster.
Altosoft co-founders Alex Elkin and Scott Opitz will remain with Kofax, the company said. For 2012, Altosoft reported revenues of $3.4 million and an EBITA of $0.5 million, according to Kofax. Altosoft has approximately 43 employees mostly located in the US and Russia. Ben Franklin Technology Partners SEP was an early investor in Altosoft, which was founded in 2001. This Kofax FAQ (pdf) provides more background information on Altosoft and how it will fit with Kofax.
Kofax describes itself as a "leading provider of Capture Enabled BPM solutions." It reported $262.5 million in revenue for its fiscal year ending June 30, 2012.
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