Kofax Acquires Altosoft, a Leading Developer of Business Intelligence and Analytics Software

  Kofax Acquires Altosoft, a Leading Developer of Business Intelligence and
  Analytics Software

Transaction Supports Kofax’s Strategy in the Smart Process Applications Market

Business Wire

IRVINE, Calif. -- March 1, 2013

Kofax^® plc (LSE: KFX), a leading provider of smart process applications for
the business critical First Mile™ of customer interactions, today reported it
has acquired Altosoft, Inc., a leading developer of business intelligence and
analytics software. Altosoft will function as a wholly owned subsidiary of
Kofax, conducting its business as usual while also enhancing Kofax’s product
portfolio with near real-time process and data analytics, visualization and
ETL capabilities. With this acquisition, Kofax now has all of the core
capabilities necessary to provide market leading smart process applications.

“This acquisition is consistent with our stated acquisition strategy and in an
adjacent area of interest that we’ve been talking about for some time now. It
fundamentally allows us to provide more actionable information to our
customers sooner than would otherwise be possible,” said Reynolds C. Bish,
chief executive officer of Kofax. “Altosoft is a great fit with Kofax as the
leadership team has prior experience in the BPM market, and the technology is
an ideal complement to our existing product offerings. We’re pleased to
welcome Altosoft to the Kofax family.”

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. The software is available for
both traditional on-premise deployments and as a hosted SaaS subscription
offering featuring multi-tenant capabilities. It is developed using
Microsoft’s .net environment and therefore consistent with and easily
integrated into Kofax’s software products. Altosoft has a significant presence
in the healthcare industry, and was noted in Gartner’s 2012 Magic Quadrant for
Business Intelligence Platforms as therefore appropriate for related business
use cases.

According to the Forrester Research Report, The Forrester Wave™: Business
Intelligence Service Providers, Q4 2012, “Business intelligence now has a much
more important role. All products and services continue to become more
commoditized in our global economy. … But if there are two businesses that are
marketing and selling identical products or services and one has more insight
into its customers' behavior — or even if two share the same insights but one
gets that information a day sooner — that business has a much higher chance of
success.”

“We look forward to new growth opportunities within Kofax’s larger direct and
indirect sales channels, and being able to enhance Kofax's smart process
application solutions,” stated Scott Opitz, president and chief executive
officer of Altosoft. “Our strength in business intelligence is a great fit
with Kofax's leadership in smart capture, BPM, dynamic case management and
mobile applications.”

Kofax acquired all of Altosoft's stock for $13.5 million in cash. Additional
payments may be made subject to the achievement of specific annual revenue
growth rates and EBITDA levels during calendar years 2013, 2014 and 2015 and
certain management employment conditions.

Altosoft was a privately held company headquartered in Media, Pennsylvania
with approximately 43 employees and contractors principally in the U.S. and
Russia. Its unaudited financial statements for calendar year 2012 reported
revenues of $3.4 million, an EBITA of $0.5 million and gross assets of $1.4
million with no material debt at closing. Kofax expects it to be EBITDA
neutral during calendar year 2013 and accretive in subsequent periods. Scott
Opitz, age 53, and Alex Elkin, chief technical officer and age 47, of Altosoft
were its most important employees and majority shareholders, and will remain
as employees.

About Kofax

Kofax^® plc (LSE: KFX) is a leading provider of innovative smart capture and
process automation software and solutions for the business critical First Mile
of customer interactions. These begin with an organization’s Systems of
Engagement, which generate real time, information intensive communications
from customers, and provide a fluid bridge to their Systems of Record, which
are typically large scale, rigid enterprise applications and repositories not
easily adapted to more contemporary technology. Success in the First Mile can
dramatically improve an organization’s customer experience and greatly reduce
operating costs, thus driving increased competitiveness, growth and
profitability. Kofax software and solutions provide a rapid return on
investment to more than 20,000 customers in banking, insurance, government,
healthcare, business process outsourcing and other markets. Kofax delivers
these through its own sales and service organization, and a global network of
more than 800 authorized partners in more than 75 countries throughout the
Americas, EMEA and Asia Pacific. For more information, visit kofax.com.

© 2013 Kofax, plc. “Kofax” is a registered trademark and “First Mile” is a
trademark of Kofax, plc.

Contact:

Media Contact:
Kofax plc
Colleen Edwards
Vice President, Corporate Communications
+1-949-783-1582
colleen.edwards@kofax.com
or
Investor Contact:
MKR Group, Inc.
Charles Messman or Todd Kehrli
+1-323-468-2300
kfx@mkr-group.com
 
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