Expect business software maker Kofax Ltd. to maintain its big Irvine presence after its $1 billion sale to Lexmark International Inc. closes, but the clock appears to be ticking on the tenure of its chief executive.
Reynolds Bish, who is crafting an integration plan with Lexmark executives that will determine the future of Kofax’ management team under the Lexmark banner, has signaled he doesn’t intend to stay long term.
“I have indicated to them that at a minimum, I’m willing to stick around for six to 12 months out of respect for my responsibilities to employees, as well as the buyers,” Bish told the Business Journal. “If there’s an interesting challenge approaching, I would also be happy to consider that.”
The Kofax corporate name will likely fold under Lexmark, but certain products may continue under the brand, according to Bish.
Kofax’ scanning software is used by 20,000 customers worldwide to streamline the flow of information, eliminate paper, speed productivity, reduce costs and improve customer service.
The sale comes about week before the company was expected to delist its shares from the London Stock Exchange, where it was traded since 1996.
Kofax began trading on the tech-heavy Nasdaq Global Select market in December 2013 under the symbol KFX, raising $11 million in an initial public offering. It has since maintained dual listings.
It entered this year as the seventh largest software maker in OC, with 295 local employees, according to Business Journal research. It has about 1,370 workers companywide (see related story, page 3).
Space for Innovation
PeopleSpace in Irvine, which houses entrepreneurs and startups in the computer, technology, science and art sectors, will be among the 100-plus global locations to host the International NASA Space Apps Challenge this week.
Participants will collaborate on projects to build software, open hardware, and other science designs in a 48-hour hackathon.
The April 11 and 12 competition will feature more than 25 challenges in four areas: Humans, Robotics, Outer Space and Earth.
“One of the goals of this event is to leverage the bright minds in our local community to positively impact our global community,” PeopleSpace spokesperson Amy Kajiya said.
The company, near John Wayne Airport at 1691 Kettering St., is one of several private and public OC clusters to emerge recently that house emerging companies as the local tech startup sector aims to draw partnerships and investments and build a brand name for itself outside of Southern California.
Props to Microsemi
Microsemi Corp.’s Optical Transport Network clock translator was named product of the year by trade publication Electronic Products China.
Editors at EPC, a unit of Framingham, Mass.-based International Data Group, evaluated hundreds of products launched last year in China that provided significant advancement or improvement in technology or function, as well as ease of development.
Editors at EPC, a unit of Framingham, Mass.-based International Data Group, chose the frequency conversion device after evaluating hundreds of products launched last year in China that provided significant advancement or improvement in technology or function, as well as ease of development.
Aliso Viejo-based Microsemi, which is traded on the Nasdaq Global Select market under the symbol MSCC, is OC’s fourth largest chipmaker, with 246 local employees, according to Business Journal research. It posted sales of $1.1 billion in revenue in the 12 months through September, the end of its fiscal year.
