Document capture provider Kofax has laid out $13.5m in cash to acquire privately held BI and analytics provider Altosoft. The purchase will enable Kofax to move into an adjacent area, which is one of its stated goals as far as its acquisition strategy is concerned.
Kofax has struggled with growth (see here) and the acquisition will not help address that immediately but it will enable the company to go to market with broader capabilities. SaaS-based Altosoft is expected to be EDITDA neutral during calendar 2013, adding to revenue after that. In calendar year 2012 Altosoft reported revenue of $3.4m, EBITA of $0.5m and gross assets of $1.4m with no material debt which makes this a useful and not overly expensive purchase for Kofax. The BI and analytics provider has a footprint in the healthcare market which could prove to be useful.