Kofax, an Irvine-based provider of services that manage the capture of critical business information, has acquired Singularity Limited, a supplier of business process management (BPM) software and case-management packages. The transaction will increase revenues and provide customers with flexible and better-executed business processes through the BPM platform.
Kofax purchased all of Singularity’s stock for total consideration of up to $48.1 million. The company’s core capture market is forecasted to grow from $2.2 billion in 2010 to $2.9 billion in 2013. In addition, the innovative business process management market is expected to increase from $2.2 billion in 2010 to $3.1 billion in 2013.
Once the BPM system is implemented, Kofax customers will be able to invest in a single platform to automate all their critical business processes, lower their costs and receive a rapid return on investment.
“We’ve become a leader in the capture market by managing information into customers’ enterprise applications and repositories, said Reynolds C. Bish, CEO of Kofax. “The acquisition of Singularity will now allow our customers to manage that information as it flows through their organizations, expanding our 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.”
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