Kofax acquires Ephesoft to build out IDP solutions
Kofax, backed by TA Associates and Clearlake Capital Group, has officially acquired Ephesoft, adding to Kofax's intelligent document processing (IDP) solutions and go-to-market channels.
With global coverage and cloud solutions, the combined company will provide organisations with value-add solutions to accelerate deployments. Financial terms of the transaction were not disclosed.
Reynolds C. Bish, chief executive officer at Kofax, says, “We're pleased to welcome Ephesoft's customers, partners and employees into the Kofax family. We've followed Ephesoft's progress in market for years as we've both focused on helping customers digitally transform their businesses.
"This acquisition extends our IDP solutions and cloud capabilities, allowing Kofax to better address the needs of customers around the world.
Ike Kavas, founder and chief executive officer at Ephesoft, says, “We've grown Ephesoft to provide a comprehensive set of value-add intelligent document processing capabilities and look forward to continuing that growth as part of Kofax.
"Kofax will enhance Ephesoft's go-to-market reach and ability to scale the business. Our customers will also benefit from Kofax's larger market reach, and together we'll be able to offer them the broadest range of software and solutions to accelerate their digital workflow transformation journeys.
According to the company, Kofax will continue supporting Ephesoft's products and customers, and Kavas will continue leading Ephesoft's organisational efforts.
Paul Huber, managing director, and Erik Hansen, vice president, of Clearlake, comments, “The combination of Kofax and Ephesoft reinforces our growth vision for Kofax and brings together experience and product capabilities within the intelligent document processing industry, to provide a more comprehensive set of software solutions to the combined company's customers.
“We have seen first-hand how the pandemic and corresponding dislocation has caused enterprises to re-evaluate manual workflows, and we believe that the trends underlying the transformation towards digital workflows are long-term. This partnership represents an important milestone as we continue in our mission to position Kofax at the forefront of addressing these trends.
Harry Taylor, managing director, and Mike Libert, director, at TA, says, “Demand for digital transformation continues to accelerate as businesses aim to enhance their offerings and differentiate themselves in the market. The acquisition of Ephesoft supports Kofax's overall strategic growth strategy by broadening the company's software and solutions to meet evolving customer needs. We look forward to our continued partnership with Kofax as it completes this acquisition and explores opportunities for further growth and product innovation.
Mizuho Securities acted as exclusive financial advisor to Ephesoft.
Kofax provides an intelligent automation software platform and solutions to digitally transform content-intensive workflows. According to the company, customers realise faster time-to-value and increased competitiveness, growth and profitability by combining Kofax's cognitive capture, RPA, process orchestration, analytics and mobile capabilities while increasing business resiliency and mitigating compliance risk.
Clearlake Capital Group is an investment firm founded in 2006 operating integrated businesses across private equity, credit and other related strategies. The firm's core target sectors are technology, industrials and consumer.
Clearlake currently has more than $72 billion of assets under management, and its senior investment principals have led or co-led more than 400 investments.
TA is a global growth private equity firm. Focused on targeted sectors within five industries - technology, healthcare, financial services, consumer, and business services - the firm invests in profitable, growing companies with opportunities for sustained growth and has invested in more than 560 companies around the world.
Investing as either a majority or minority investor, TA employs a long-term approach, utilising its resources to help management teams build lasting value in high quality growth companies. TA has raised $47.5 billion in capital since its founding in 1968.