So, this is at least the fifth or sixth Kofax Transform I have attended. I must admit I was a little apprehensive coming out here (to San Diego) due to some of the recent financial reports coming out of Kofax, where growth has definitely slowed in the past year. But, Kofax is hardly a company in despair over flat revenue. In fact, the company has a very bullish outlook on the future and seems to have a lot of pieces in place to drive future growth to at least $550 million over the next three-four years, which was the goal that CEO Reynolds Bish stated today in an interview with DIR.
We’ll have all the details of this discussion in our upcoming premium edition, but the gist of things is:
1. Last year at Transform Kofax announced it had sold its hardware distribution business (sale completed in May), which as stated at the time, completed the transformation of the company into an enterprise software player.
2. Since then, Kofax has bought BPM ISV Singularity, doubling its addressable market size.
3. Kofax is aggressively marketing the Singularity technology through its existing sales channels
4. Kofax has some very extensive mobile capture technology on the way
5. European market has been tough for Kofax, but has stabilized and Kofax has right-sized its staff in EMEA. (Bish explained that, unlike many other ISVs, Kofax actually had viable revenue coming from the southern European markets most affected by recent European economic troubles)
6. Kofax R&D investment is larger than the annual revenue of many of its competitors.
7. More acquisitions on way.
If you put all this stuff together, it certainly makes for some interesting conversations and gives you an idea of
where Kofax is expecting its growth to come from.