Kofax gets myopia

Read closely. There is a message here about revenue visibility – even two months out. Document imaging company Kofax had proclaimed as recently as late April that it was on track to make 14% organic growth in its FY to 30th June. Well it hasn’t. Management attributed the shortfall to “slower sales cycles caused by continuing uncertainty in the global macroeconomic environment” – now where have we heard that before (e.g. see Long sales cycles dog Kewill)? Apparently the numbers will still come in broadly in line with consensus forecasts (‘the herd’ reads UKHotViews too!) but we won’t hear the full story till early September. Kofax's shares are down 13% as I write.