Robotic process automation software provider Kofax Inc. announced on Monday, Nov. 12, that it has agreed to buy Nuance Document Imaging, a division of Nuance Communications Inc. NUAN, for $400 million in cash.
The deal, which is expected to be completed by the end of the first quarter of 2019, will enhance Kofax's offerings in cloud compatibility, scan-to-archive, scan-to-workflow, print management and document security, the companies said in a statement.
Kofax, itself acquired by private-equity firm Thoma Bravo for $1.5 billion last year, continues to build up its Robotic Process Automation business - the area of enterprise IT services that uses machine learning, computer vision and other AI-based tools to automate back-office tasks.
Nuance , whose voice recognition technology helped kick-start Apple Inc.'s (AAPL) - Get Report voice-enabled assistant Siri, makes AI-based software for a number of sectors, notably healthcare and autos.
In 2015, Lexmark acquired Kofax for $11 a share, or approximately $1 billion. In the spring of 2016, Lexmark and its subsidiaries were acquired by an investment consortium led by Apex Technology Co. and PAG Asia Capital. The purchase was valued at $3.6 billion.
In July 2017, Thoma Bravo acquired Lexmark's Enterprise Software business, consisting of Kofax, ReadSoft and Perceptive Software. Kofax and ReadSoft were then combined into a single, newly independent Thoma Bravo portfolio company.
Shares of Nuance Communications Inc. were down 3.2% to $16.93 on Monday.