Kofax acquires 170 Systems

Kofax has acquired 170 Systems, a provider of financial process automation software, for consideration of $32.9 million, net of cash held by the company. 170 Systems is a privately held, venture capital-funded company headquartered in Boston, and has approximately 140 employees.

The company's flagship product, the 170 MarkView Financial Suite, is a workflow solution for invoice processing and related accounts payable (A/P) functions that is fully integrated and certified for use with both SAP’s and Oracle’s enterprise resource planning software, and typically delivers a return on investment (ROI) of less than one year, says Kofax.

The financial suite is complemented by 170 MarkView Advisor, a real-time financial process performance management and cash flow optimization software, and SupplierExpress, a hosted software application that streamlines supplier interaction and enables timely, accurate payments.