Somewhat interesting announcement by Kofax, highlighting several recent deals – totaling more than $5 million, in which its MarkView A/P purchase-to-pay (P2P) software was included. MarkView is the P2P application that Kofax picked up when it acquired 170 Systems in 2009. Scuttlebutt has been that sales of MarkView have been somewhat underwhelming since the acquisition, and this announcement is probably designed to show that Kofax now has that business headed in the right direction.
When Kofax bought 170 Systems, it was reportedly producing $28 million in annual revenue, although I was later given the impression that a good majority of that was coming from professional services. Two of the three deals highlighted in today’s release include the mention of other Kofax software products sold along with MarkView, so I’m assuming the $5 million figure isn’t all MarkView.
That said, that type of integration was kind of the point of the whole acquisition – to give Kofax a better competitive offering vs. ReadSoft. However, none of the deals mention integration with SAP, which has been one of Kofax’s goals- and an area where ReadSoft is strong. Two of the MarkView deals do mention integration with Oracle software, which is where MarkView has been historically strong.
Basically, I’m glad to see Kofax has something to brag about regarding MarkView, but based on the content of the release, I’m not sure how excited I should be getting.