Kofax Acquires Aia for $19.5 million
Acquirer
Target
Kofax (KFX) announced the acquisition of Aia Holding BV, a customer communications managementcompany based in The Netherlands, for $19.5 million.
According to Kofax, Aia’s customer communications management software helps organizations manage interactive and ad hoc customer correspondence both electronically and on paper, enabling them to address evolving needs faster and increase the effectiveness of their customer communications.
Kofax said that Aia’s customer communications management software will be integrated into Kofax’s TotalAgility offering, and will continue to be offered on a stand-alone basis as well.
“The addition of CCM to TotalAgility’s capture, process management, information integration, analytics, e-signature and mobile capabilities will significantly strengthen the value of Kofax’s smart process applications and their competitive differentiation and advantage,” Kofax said in a release.
Under the terms of the agreement, Kofax acquired all of Aia’s stock for $19.5 million in cash. Of the $19.5 million, $16.6 million was paid on the transaction’s closing date of Feb. 27, 2015.
Additionally, $1.4 million will be paid one year from closing and $1.5 million will be paid 18 months from closing, with said amounts subject to certain indemnification terms and conditions, the companies said.
Prior to Kofax’s acquisition, Aia was a privately held company headquartered in Nijmegen, The Netherlands with approximately 70 employees. According to Kofax, Aia’s unaudited financial statements for the fiscal year ended Oct. 31, 2014 reported revenues of $8.9 million, 26% of which arose from software licenses, 29% from maintenance services, and 45% from professional services.
“The acquisition of Aia is a natural step forward in realizing our strategic vision for smart process applications,” Kofax’s chief executive officer, Reynolds Bish, said.
“The need for a comprehensive, end-to-end customer engagement platform that handles content from any channel or device anywhere is becoming ubiquitous and urgent,” Bish continued. “Adding CCM to the award-winning Kofax TotalAgility platform will let organizations offer an even more compelling experience to their customers in the business critical First Mile. We’re very excited to welcome Aia to the Kofax family.”
Kofax said that it expects to complete the full integration of Aia by the end of its fiscal year on June 30, 2015.
The Aia deal marks the second time in the last six months that Kofax has acquired a company based in Europe.