Irvine-based business software maker Kofax Ltd. has acquired a company in the Netherlands that specializes in the growing customer-management software segment.
The $19.5 million cash deal for Nijmegen-based Aia Holding BV includes a $1.4 million payout in one year and a $1.5 million payout in 18 months if certain revenue and operational benchmarks are met.
Kofax expects to integrate Aia and its 70 employees, including Chairman Paul Dirven and the rest of the management team, by July.
Aia posted revenue of $8.9 million, adjusted profits of $1.6 million and gross assets of $4.2 million in the 12 months through October, the end of its fiscal year.
Aia’s software, which is use by more than 400 companies, including ABN Amro and Allianz, will be integrated with Kofax TotalAgility offering and offered as a standalone.
Kofax’s scanning software is used by businesses to streamline the flow of information, eliminate paper, speed productivity, reduce costs and improve customer service.
Market tracker Gartner Inc. estimated that the customer communications management software segment topped $910 million in sales in 2014 and is forecasted to grow at a compound annual growth rate of 11% to $1.2 billion in 2017.
Kofax shares are flat in early afternoon trading with a market value of about $599 million.
