Kofax announced that it has entered into a definitive agreement to be acquired by Clearlake Capital Group, L.P. with and TA Associates from Thoma Bravo. Upon closing of the transaction, Clearlake and TA will become majority shareholders in Kofax. Financial terms of the transaction were not disclosed
“Clearlake and TA offer industry knowledge and experience scaling enterprise software companies like ours,” said Reynolds C. Bish, CEO of Kofax. “These resources will be critical as we strive to further grow the Company and bring added value to our customer base, with a focus on developing and expanding our product portfolio. We are proud of what we have achieved with Thoma Bravo’s support and are thrilled to enter the next phase of our journey in partnership with Clearlake, TA and our incredible Kofax team.”
“Kofax has a proven track record of delivering high-quality software that simplifies information-intensive workflows, an urgent need with the ever-accelerating pace of digital transformation,” said Harry Taylor, managing director, and Mike Libert, director, at TA. “Building on its momentum in the market, we believe there is significant opportunity to further strengthen and expand the Company’s integrated platform of solutions. TA looks forward to collaborating with Kofax’s management team and Clearlake to promote strategic growth and innovation.”
“Reynolds and his team have built Kofax into a comprehensive platform within workflow automation software, and we share the team’s excitement about how well-positioned the Company is to grow its footprint, both organically and through acquisitions,” said Prashant Mehrotra, partner, and Paul Huber, managing director, at Clearlake. “We are believers in Kofax’s value proposition and customer-focused culture, and we look forward to partnering with the Company’s management team and employees as we leverage our O.P.S. to expand its workflow automation solutions to its customers globally.”
“Creating a standalone Kofax post the carve out from Lexmark software almost five years ago was an exciting experience for our firm,” said Chip Virnig, a partner at Thoma Bravo. “We are proud of what we’ve been able to accomplish with Reynolds and his team and wish them the best going forward.”
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