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Thursday, Sep 28, 2023
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Kofax Buys Unit for $400M

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.

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Peter J. Brennan
Peter J. Brennan
Peter J. Brennan has been a journalist for 40 years. He spent a decade in Latin America covering wars, narcotic traffickers, earthquakes, and business. His resume includes 15 years at Bloomberg News where his headlines and articles sometimes moved the market caps of companies he covered by hundreds of millions of dollars. His articles have been published worldwide, including the New York Times and the Washington Post; he's appeared on CNN, CBC, BBC, and Bloomberg TV. He was awarded a Kiplinger Fellowship at The Ohio State University.
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