• June 19, 2024

Intelligent automation software provider Kofax announced the completion of its acquisition by investment firm Clearlake Capital Group. The Irvine, Calif.-based company previously was owned by private equity firm Thoma Bravo.

While much of the M&A activity in the automation space of late has been focused on technology providers adding smaller companies with capabilities like process mining to their platforms, there are indications that legacy RPA/intelligent automation software providers are still on the radar of potential acquirers (e.g., the acquisition of Blue Prism by SS&C Technologies completed in March of 2022).

Kofax, launched in 1985 as an image processing technology provider, focuses on low-code software enabling digital transformation through document intelligence, process orchestration, AI, cognitive services, and connectivity to other software applications.

“We’ve been impressed by [Kofax CEO Reynolds Bish] and his team’s ability to scale and transform Kofax into an end-to-end platform within workflow automation software, particularly at a time when customers are increasingly looking to digitally transform their businesses,” said Behdad Eghbali, co-founder and managing partner of Clearlake. “With the acquisition closed, we look forward to partnering with the company to leverage our O.P.S. framework and accelerate investment in cloud-based technology alongside product growth initiatives in robotic process automation and machine learning to deliver more value to customers, employees and shareholders.”