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Irvine-based Kofax Inc. is paying $400 million in cash to obtain the document imaging division of Nuance Communications Inc. (Nasdaq: NUAN).
Kofax, which had $363 million in sales last year, said the purchase bolsters the company’s presence in intelligent automation technologies.
Nuance’s document imaging division reported $217.7 million in fiscal 2017 revenue
Nuance, a Burlington, Mass.-based company best known for its Dragon speech recognition technology, said the sale enables it to focus on its conversational AI- and cloud- based solutions while improving its growth profile.