Acquisition of Singularity Limited By Kofax plc
Transaction Will Significantly Expand the Company’s Addressable Market and Provide Customers with the Only Capture Enabled BPM Platform
Kofax plc (LSE: KFX), a leading provider of capture driven business process automation solutions,
announced that it has acquired Singularity Limited, a leading provider of business process management (BPM) software and case management solutions.
Commenting on the acquisition, Reynolds C. Bish, Chief Executive Officer of Kofax, said: “We’ve become a leader in the capture market by managing information into customers’ enterprise applications and repositories. The acquisition of Singularity will now allow our customers to manage that information as it flows through their organizations, expanding our reach beyond capture into the BPM market and providing a uniquely differentiated product with strong competitive advantages in both markets. We’re excited to deliver more capabilities to our customers and welcome the Singularity management team and its employees, customers and partners to Kofax.”
The acquisition should allow Kofax to realize numerous strategic benefits, including:
- The Company will significantly increase its addressable market. Kofax’s core capture market is expected to grow from $2.2 billion in 2010 to $2.9 billion in 2013(1) at a 10% compound annual growth rate (CAGR). The BPM market is forecasted to grow from $2.2 billion in 2010 to $3.1 billion in 2013 at a 12% CAGR(2). This increase in addressable market, coupled with Kofax’s existing direct and indirect sales channels and global reach, will significantly expand and accelerate Kofax’s revenue growth opportunities.
- Kofax will be the first company to offer a capture enabled BPM platform, which will provide uniquely differentiated software product and solution offerings in both the capture and BPM markets. This will allow the Company to maintain its leadership position in the capture market, establish a leadership position in the BPM market and create sustainable competitive advantage.
- Customers will benefit from the capture enabled BPM platform by being able to automate both the capture processes needed to enter content into enterprise applications and repositories as well as the downstream knowledge worker processes needed to effectively utilize that informati on. This will allow them to invest in a single platform for automating all of their critical business processes and thereby enjoy a lower total cost of ownership and faster return on investment.
- The combined Kofax and Singularity products will be fully deployable “on premise” or via private clouds under a traditional perpetual license model and via a public cloud under a Software-as-a-Service (SaaS) subscription model. This will allow the Company to better serve a broader array of customer buying preferences and over time create more predictable revenue streams.
Singularity has been recognized as a “Visionary” in Gartner’s “Magic Quadrant” and as a “Leader” in Forrester’s “Wave” for Dynamic Case Management. Its flagship product – TotalAgility™ – provides BPM software for automating the knowledge worker processes needed to effectively utilize information in enterprise applications and repositories, thereby improving business performance and agility. It includes the design, simulation, workflow control, business rule and integration capabilities needed to implement more efficient, flexible and better executed business processes, and the dynamic case management capabilities required to manage the fluid mix of correspondence, structured data, unstructured content, resources and processes that arise during interactions between a corporation or government agency and its constituents. This would include, for example, the ability to offer new customer on-boarding, order entry, “quote-to-cash”, customer service or incident tracking and other dynamic case management solutions. TotalAgility is deployable “on premise” or via private clouds under a traditional perpetual license model. LiveAgility™ is a version of TotalAgility deployable via a public cloud under a SaaS subscription model.