Atalasoft flogged for development toolkits for portal and business process management
By PAUL QUIGLEY
ECM Plus +++ Document-driven business process automation specialist Kofax is to acquire Atalasoft, the imaging SDK specialist firm.
According to the FTSE-100 plc, the acquisition will add to its product portfolio with unique capabilities for portal and internet browser based applications, strengthen the Company’s competitive position and increase its addressable market.
Commenting on the deal, Reynolds C. Bish, Kofax’s CEO said: ”The widespread adoption of online applications provides another way for information to enter an enterprise. Atalasoft’s technology for image enabling these applications therefore fits squarely within our target market and combining our offerings will allow us to better serve our customers’ needs.”
Kofax said it now plans to enhance Atalasoft’s SDK and offer it for use with its Capture and Transformation Modules software by the end of calendar year 2011.
According to the Irvine, US-based company, this solution will enable Kofax customers to capture-enable portal and internet browser-based apps, and, extend capture solutions beyond firewalls to include line-of-business applications accessible over the web.
Atalasoft’s DotImage is a SDK for document scanning, viewing, annotating and processing in Microsoft .NET environments for traditional client server, portal and internet browser based applications. Its customers include over 2,500 end users who license the SDK for internal software development purposes, and system integrators and independent software vendors (ISVs) who use the SDK to develop proprietary applications that they then resell to end users. In both instances Atalasoft’s SDK significantly reduces a customer’s development effort and costs.
Said Bill Bither, CEO for Atalasoft: “The expanded resources and market reach now available to us will help expand our product offerings and innovate at a more rapid rate. I’m very happy to continue as the General Manager of Kofax’s Atalasoft business unit and along with the entire Atalasoft team remain fully committed to our end user customers and developer community.”
Kofax added that it will be acquiring all of Atalasoft’s stock for US$5.5 million in cash, with US$4.7 million to be paid on closing of the transaction and $.8 million to be paid one year from closing, subject to certain indemnification terms and conditions. Additional payments of up to $4.2 million in cash may be made during the next two and one half years subject to the achievement of specific annual revenue growth rates and earnings before interest, taxes and amortization (EBITA) margins, the delivery of defined new product capabilities and the attainment of certain other management objectives.
Atalasoft is a privately held company headquartered in Easthampton, MA with approximately 20 employees. Its audited financial statements for the year ended December 31, 2010 reported revenues of $3.6 million, an EBITA of $1.0 million and gross assets of $2.5 million. The acquisition does not include Atalasoft’s Vizit business, which the company recently spun off into a separate entity.