Lexmark to acquire Kofax

Lexmark and Kofax report they have entered into a agreement in which Lexmark will acquire Kofax. Under the terms of the merger agreement, Lexmark will acquire all the outstanding shares of Kofax for $11 per share in cash for a total enterprise value of approximately $1 billion, net of cash acquired. Lexmark will fund the acquisition with its non-U.S. cash on hand and its existing credit facility programs.

Kofax's Board of Directors has unanimously recommended in favor of the merger agreement. Kofax shareholders, holding approximately 25 percent of the outstanding shares of Kofax, have signed a voting agreement committing to support the merger.

Upon successful completion of the acquisition, Lexmark will nearly double the size of its enterprise software business to an approximately $700 million business competing in the expanding $10 billion content and process management software market.