Kofax heeft vandaag aangekondigd haar Hardware Divisie te verkopen via een Management Buyout en zich volledig te concentreren op software oplossingen, waaronder Kofax VRS en Kofax Express.
Kofax to Sell its Hardware Business
Company to Record an Exceptional Charge to Optimize its Software Business in EMEA
IRVINE, CA, JANUARY 17, 2011 – Kofax plc (LSE: KFX), the leading provider of document driven business process automation solutions, today announces it has entered into a definitive agreement to sell its hardware business to Hannover Finanz, a private equity firm headquartered in Germany, and to members of the business unit’s management team. The transaction is expected to yield at least $20 million of net after tax cash proceeds to Kofax and close during March of 2011.
Kofax also announces its intention to record an exceptional charge of up to $2.6 million during the half year ended December 31, 2010 to restructure and optimize its software business in Europe, the Middle East and Africa (EMEA). This is where the hardware business is located and operates, and this restructuring is only now possible with the anticipated disposal. The company expects this reorganization to lead to approximately 20 redundancies and result in annual cost savings of at least $2.5 million in its fiscal year 2012 and thereafter.
Reynolds C. Bish, Chief Executive Officer of Kofax, said: “We’re very pleased to have effected this disposal in a manner that provides for the continuity of management, employees and key supplier and reseller relationships. We sincerely look forward to working with all of these parties as the business will continue to be an important value added distributor of our Kofax VRS and Kofax Express software products in EMEA.”
He continued: “The proceeds from this transaction and the planned restructuring will better position us to focus on and further grow our software business revenues and earnings both organically and via our acquisition strategy. This is particularly timely as we recently concluded a successful half year that is materially better than the expectations previously conveyed in our Interim Management Statement dated November 4, 2010. We look forward to announcing these results on February 7.”
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