Altosoft will function as a wholly owned subsidiary of Kofax, conducting business as usual while also enhancing Kofax’s product portfolio with near real-time process and data analytics, visualization and ETL capabilities, according to the announcement.
"This acquisition … fundamentally allows us to provide more actionable information to our customers sooner than would otherwise be possible,” said Reynolds C. Bish, CEO of Kofax, in a statement.
Altosoft’s software provides rapid, no-coding development of near real-time reporting and dashboard applications through the use of a data integration and analytics engine that utilizes in-memory techniques. The software is available for on-premise deployments and as a SaaS subscription offering featuring multitenant capabilities. Because it is developed using Microsoft’s .NET environment it is consistent with and easily integrated into Kofax’s software products.
Kofax acquired all of Altosoft's stock for $13.5 million in cash. Additional payments may be made subject to the achievement of specific annual revenue growth rates and EBITDA levels during calendar years 2013, 2014 and 2015 and certain management employment conditions.
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