Kofax Lands $2.4 Million Deal

Allison Correia
Apr 24, 2015

Despite the proposed acquisition of Kofax by Lexmark, Kofax is going about business as usual with the recent announcement of a $2.4 million deal with a leading U.S. financial services firm. Just days ago, Kofax, a leading provider of smart process applications that simplify the business critical First Mile of information-intensive customer interactions, announced that an undisclosed leading U.S. bank has invested in Kofax TotalAgility to automate their banking operations including new customer onboarding, and loan application processing.

The bank was in need of an enterprise dynamic case management solution to replace a business process management system, and they selected Kofax TotalAgility as their platform to help create a more paperless environment, automate manual processes, and improve customer engagement in a simple and secure way. The bank will also be utilizing the analytics tools within TotalAgility to stay on top of operational functions and opportunities. Kofax TotalAgility is helping this financial institution ensure success in a very competitive environment that heavily relies on customer engagement and relationships. The sale for Kofax included approximately $2 million in software license revenue and $400,000 in maintenance and professional services revenue.

In addition to this deal, Kofax just yesterday announced another large sale of half a million dollars with a major U.S. insurance company. It was revealed that a top five U.S. property and casualty insurance company has invested more than $500,000 in Kofax Mobile Capture Platform, Kofax Mobile Capture SDK, and Kofax Mobile ID. With today’s mobile trends and increased BYOD in the evolving business environment, it is no wonder this insurance company is looking for ways to keep their consumers and employees happy and connected, now enhancing payment capabilities with mobile devices, streamlining customer onboarding, and account openings, and automating application processes.

“The most frequent interaction a customer has with their insurance company is paying premiums,” commented Drew Hyatt, Senior Vice President of Mobile Capture Applications at Kofax. “Adding mobile payments is a smart approach to win over this company’s millions of policy holders by offering a simpler way to perform an otherwise tedious, time-consuming task.”

Kofax Mobile Capture Platform enables organizations to use mobile devices as information capture devices further engaging their customers anywhere, anytime. The Kofax Mobile SDK, part of the Kofax Mobile Capture Platform, provides integration with Kofax capture services, content extraction and validation, process management and analytics capabilities. Kofax Mobile ID is used for extracting and validating of a customers’ identity by simply taking a picture of the person’s form of identification (driver license, passport etc.). This sale closed in Kofax’s fourth quarter of their fiscal year 2015 totaling over $500,000 in software license and maintenance revenues.

As the Lexmark acquisition of Kofax moves forward, these new sales by Kofax is great news for Lexmark. The acquisition will be a nice marriage of the two companies, enhancing Lexmark’s software offerings including ECM, content management, intelligent capture software and mobile solutions, and these large process-centric solution deals will only serve to further enrich Lexmark when the merger completes.

Be on the look-out for an in-depth analysis regarding the Lexmark acquisition of Kofax by InfoTrends coming shortly.

 

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