San Francisco and Chicago -based private equity firm Thoma Bravo has announced the completion of its buyout of Lexmark International Inc.'s enterprise software business. Thoma Bravo will buy the unit comprised of Kofax, ReadSoft and Perceptive for an undisclosed sum.
As part of the deal, Thoma Bravo-owned Hyland Software Inc. will acquire Lexmark’s perceptive software business. Enterprise information software company Hyland was acquired by the buyout firm in 2007 and is led by president and CEO Bill Primer. Products include Perceptive Content, Perceptive Intelligent Capture, Acuo VNA, PACSGEAR and Enterprise Medical Image Viewing.
Kofax and ReadSoft have been combined to create a single, newly independent Thoma Bravo portfolio company under the Kofax brand and led by former president of Lexmark Enterprise Software, Reynolds C. Bish. The company will provide software and solutions, including Kofax TotalAgility, Kofax Kapow robotic process automation and ReadSoft Process Director for financial process automation products, seeking to help enterprises “simplify and streamline burdensome processes” and better focus on their customers. The new entity will continue to serve over 25,00 businesses across a range of vertical markets including financial services, insurance, government, supply chain and business process outsourcing.
Thoma Bravo focuses on software and technology-enabled services sectors, with a series of funds representing over $17 billion in capital commitments. Past and present portfolio companies include Symantec-owned cybersecurity player Blue Coat Systems, Digital Insight, PowerPlan, Sparta Systems and TravelClick.
Lazard served as a financial adviser to Lexmark International, while Credit Suisse and Goldman Sachs advised Thoma Bravo and its portfolio company, Hyland.