The deal means California-headquartered Kofax will ‘significantly increase’ its addressable market, according to a statement.
Reynolds Bish, chief executive officer of Kofax, comments: ‘We’ve become a leader in the capture market by managing information into customers’ enterprise applications and repositories.’
Enterprise applications relate to software used by businesses or governments to perform tasks such as automatic billing or content management.
Bish adds: ‘The acquisition of Singularity will now allow our customers to manage that information as it flows through their organisations, expanding our reach beyond capture into the [Business Process Management] market and providing a uniquely differentiated product with strong competitive advantages in both markets.’
In November Kofax, which has its UK base in Hampshire, cut more than 60 jobs and lowered its 2012 outlook for software licence revenue growth.
Based in Derry, Northern Ireland, Singularity employs 215 employees and reported revenues of $16.1 million for the year ending 30 September 2011.
Under the terms of the deal an initial $30.3 million is due completion. An additional $3.3 million is to be paid one year from closing and is dependent on certain terms and conditions.
Further payments totalling $14.5 million are to be made one and two years following the completion of the deal and are based on software license revenue growth.
