Kofax’s core capture market is expected to grow from $2.2bn to $2.9bn at a 10% compound annual growth rate
Capture driven business process automation offerings provider Kofax has acquired business process management (BPM) software and case management offerings provider Singularity.
With the acquisition Kofax will increase its addressable market and Kofax’s core capture market is expected to grow from $2.2 billion to $2.9 billion at a 10% compound annual growth rate (CAGR), and Kofax will offer a capture enabled BPM platform, which will provide uniquely differentiated software product and solution offerings in both the capture and BPM markets.
In addition, customers will benefit from the capture enabled BPM platform by being able to automate both the capture processes needed to enter content into enterprise applications and repositories as well as the downstream knowledge worker processes needed to effectively utilise that information.
The combined Kofax and Singularity products will be fully deployable "on premise" or via private clouds under a traditional perpetual license model and via a public cloud under a Software-as-a-Service (SaaS) subscription model, which will allow the Kofax to better serve a broader array of customer buying preferences and over time create more predictable revenue streams.
Kofax chief executive officer Reynolds Bish said the acquisition of Singularity will now allow Kofax customers to manage that information as it flows through their organizations, expanding Kofax’s reach beyond capture into the BPM market and providing a uniquely differentiated product with strong competitive advantages in both markets.
"We’re excited to deliver more capabilities to our customers and welcome the Singularity management team and its employees, customers and partners to Kofax," said Bish.
Singularity founder and chief executive officer Padraig Canavan said Singularity is excited to now be part of Kofax, a proven leader in the capture market and natural fit for Singularity.
"Kofax’s direct sales force, large channel of value added resellers and global reach will significantly expand our access to the market. I’m very happy to continue as the Senior Vice President of BPM Software Sales at Kofax and along with the Singularity team remain fully committed to our future success," said Canavan.