Kofax Has Strong Debut Quarter on NasdaqTuesday, February 4, 2014
Irvine-based business software maker Kofax Ltd. on Tuesday posted strong December quarter results in its first earnings report since it began trading on the Nasdaq Dec. 5.
The company posted revenue of $74 million, up 16.2% from a year earlier. Adjusted profits topped $13 million, up 29.1%.
Investors sent Kofax shares up more than 9% in early afternoon trading to a market value of about $644.8 million.
The company, which maintains a dual listing on the London Stock Exchange, beat revenue expectations of Craig-Hallum Capital Group LLC and Northland Capital Markets, the only two investments firms that have initiated coverage in the U.S.
Kofax profits also beat Craig-Hallum’s December estimates.
The company makes scanning software used by businesses to streamline the flow of information, eliminate paper, speed productivity, reduce costs and improve customer service.
Its largest customers include JPMorgan Chase and Co., Thomson Reuters and Allianz SE, the German parent of investment manager Pacific Investment Management Co. in Newport Beach.
Kofax on Tuesday also announced the appointment of finance veteran James Urry to its board.
Urry, who will serve on the nominating committee, is a partner at Augusta Columbia Capital Group LLC and sits on the board of Milpitas-based integrated circuit maker Intersil Corp.