Kofax – Intelligent Automation Software Provider Founded By Fellow Workers.

Kofax corporation is an intelligent automation software provider founded 37 years ago in 1985. It is headquartered in Irvin, California. It provides services like allowing businesses to automate and improve the workflow by elucidating the data handling with its software. It has about 2,000 employees working to improve its services and has been an independent portfolio corporation acquired by a private investment firm Thomas Bravo. It has achieved a revenue of up to 500 million US dollars (2020).

History

Kofax was founded as Kofax Image Products by Engineers David Silver and Dean Hough, fellow workers at a document processing firm, FileNet. David Silver took the leadership of the firm and became its President and Chief Executive officer. The firm’s first-ever products were introduced in 1989, primarily focused on manufacturing personal computer circuit boards to modify them into image processing machines. In the 1990s, the firm focused on the development of its primary image processing technology and went on Nasdaq in October 1997. IN 1999, the company announced a $75 million deal and was acquired by the UK- originated holding corporation DICOM group. The firm’s main objective was to pair the Kofax Image Products, their digital Capture Technology, and DICOM’s distribution services in Europe. David Silver Stepped down from his position in 2000, succeeded by Arnold Buren, who was the former deputy chief Executive Officer of DICOM. In 2000, there was again a position swap in which Rick Murphy was named Chief Executive Officer of Kofax. Arnold Von Buren was promoted to the CEO of the DICOM group. In December 2005, Buren’s position was assigned to Rob Klatell. After two years, he was replaced by Reynolds Bish, former CEO of Captiva Software 2007 who was one of the key people. The merged corporations, Kofax Image Products, Inc. and DICOM groups were renamed Kofax Inc. in 2008.

Acquisitions And Mergers

• Kofax Corporation acquired Mohomine firm, which was an automated text classification and extraction developer, in April 2003.
• Atalasoft Corporation, an image software company with a document imaging toolkit known as dotImage as its major product, in 2011.
• In September 2014, the firm acquired an e-signature and signature verification software firm known as Softpro as a separate unit in Stuttgart, Germany.
• A customer communications management firm Aia Holding was situated in the Netherlands in March 2015.
• On March 24, Kofax Inc. and Lexmark International agreed to a merger resulting in Lexmark acquiring a large number of shares i.e. US$1.
• In November 2018, it acquired a Document Imaging department of Nuance Communications.
• In June 2021, Kofax acquired a document capture, content management and workflow automation software provider firm, PSIGEN Software, Inc. In August, It announced the acquisition of Printix.net, a cloud-based print management system provider.

Revenue

In the year 2015, the firm generated a revenue of 297 million USD, which reached 298 million USD in 2021.

Renowned Customers

The firm provided its services to several renowned companies like Xerox, Samsung, Visa Inc, HP inc., Canon Inc., and The Bank of Tokyo-Mitsubishi.   

Founders – David Silver and Dean Hough

David silver is a great entrepreneur, engineer, and former CEO. He holds a degree in electrical engineering from the University of California Irvin, California. During the initial days, he became a great inspiration for his employees. Dean Hough was born in July 1958 in Irvin, California, and attended San Diego State University from 1977-1980. He has been Vice president of Kofax Inc.

CEO – Reynolds C. Bish

Reynolds Bish is an entrepreneur, engineer, and a leading supplier of intelligent automation services and led a global business and employed over 2,000 people all over the world. During his leadership company’s revenue exceeded $600 million. He encouraged different mergers to achieve strength and enhancement.