In an effort to further expand its enterprise capture capabilities, Kofax has acquired Easthampton, MA-based SDK ISV Atalasoft. Atalasoft is a .NET imaging SDK specialist that has some innovative zero-footprint, browser-based technology.
The press release provides some insights into how Atalasoft’s technology will be utilized in Kofax’s KTM capture software: “Using a mortgage application process as an example, most lenders allow prospective borrowers to apply for mortgages via traditional, paper based processes or online via portal and internet browser based applications. Applicants using the latter approach still have to provide paper copies of documents evidencing their proof of identity, income and other supporting information to the lender for processing. Capture enabling these web applications will allow applicants to easily scan those paper documents and submit all information electronically.”
Atalasoft was founded in 2002 and for 2010 reported revenues of $3.6 million, an EBITA of $1.0 million. It lists some 2,500 users of its SDK. Its business compares favorably to the Pixel Translations scanning and capture tools business that Kofax CEO Reynolds Bish ran while at Captiva.
Bill Bither, Atalasoft’s founder and CEO, said he will continue as GM of the operation. He will also be receiving a good portion of the close to $10 million Kofax is paying for Atalasoft.
In the wake of its sale of its hardware distribution business, Kofax has been on the hunt for acquisitions. This is just a small (but very strategic) one, so we expect more to follow.