With the Brazilian subsidiary of one of its global banking customers.
From today’s press release: “The Brazilian subsidiary will implement Kofax Capture, Kofax Transformation Modules and Kofax Monitor to automate and accelerate the processing of approximately 240 million checks it receives annually. The Kofax software will enable the customer to perform digital check scanning at the branch level, thereby removing the need to physically ship paper checks from branches to a central location for processing. Following the truncation process, the check images and data will be routed to the bank’s proprietary financial processing application.”
Didn’t know they were in that business, but it seems like a great deal for Kofax.
Also thought the news earlier this week was interesting that Kofax, “has entered into a new, three year $40 million revolving line of credit facility with Bank of America Merrill Lynch. The credit facility replaces the company’s prior $16 million facility with another bank.” It’s no secret that in the wake of the sale of its hardware distribution business, Kofax has been interested in using it close to $100 million in the bank to make an acquisition. You would think the new line of credit would further facilitate such a move. Stay tuned.