Irvine’s Kofax PLC, a maker of software that helps businesses cut down on paper and data entry, disclosed Tuesday it has hired an investment bank as its financial adviser and broker.
The company said it hired Canaccord Adams Inc. of Vancouver, British Columbia.
Kofax is publicly traded in London with its executive base in Irvine. It had a recent market value of about $270 million.
The Cannacord hire replaces Kofax’s previous investment bank, Iceland’s Landsbanki Securities Ltd.
Landsbanki was taken over by the Icelandic government in 2008 in the midst of the financial crisis. It combined with Cannacord in a big restructuring last year.
In Britain, where Kofax shares trade on the London Stock Exchange, “It is a requirement to have a ‘house broker’ that acts as the primary market maker for share trading, and assists with shareholder communications and non-deal road shows,” Chief Executive Reynolds Bish said. “We were originally with Landsbanki.”
Kofax makes scanning software used by businesses to get rid of paper and speed up productivity.
The software collects paper documents, forms, invoices, e-mail and photos and organizes them into a searchable database of files.
For the six months through December, Kofax reported sales of $168 million, up 8% from a year earlier.
The company posted profits of about $13 million, down about 30%.
Kofax has undergone a reworking in the past two years.
The company’s headquarters used to be in Southern England, where its directors meet.
Now all of the company’s offices around the world report to Chief Executive Reynolds Bish in Irvine.
