Business software maker Kofax PLC in Irvine has acquired a Pennsylvania company for $13.5 million in cash.
Kofax—which is publicly traded in London but maintains its headquarters here—bought Altosoft Inc., a business intelligence and analytics software developer. Its software provides real-time reporting that’s billed as an enhancement for Kofax’s smart applications, allowing customers to get information more quickly.
Privately held Altasoft is based outside of Philadelphia in Media, Penn. It targets the healthcare industry, and saw revenue of $3.4 million in 2012.
Altosoft Chief Executive Scott Opitz and Chief Technical Officer Alex Elkin, who were major shareholders in the company, will be retained by Kofax.
Kofax makes scanning software used by businesses to streamline the flow of information, eliminate paper, speed up productivity, reduce costs and improve customer service.
The company marked a 5% rise in profit to $16 million from continuing business for its fiscal year ended June 30.
Revenue hit a company-record $262.5 million, up 8%.
—Chris Casacchia
