Delayed deals were the most prominent trend among document capture software vendors in the first quarter of calendar 2012. (Sample story from premium edition on Q1 results.) Over the past couple weeks, it seems that maybe some of those delayed deals have been brought to close, as we’ve seen multiple announcements of large deals from a ReadSoft and Kofax. Four of the deals were related to accounts payable automation-with Kofax’s deals coming in Oracle environments, where its MarkView process automation software has traditionally been strong and ReadSoft’s in the SAP space, where it has traditionally been stronger.
Kofax announced an A/P automation deal worth over $1 million with a “leading global cruise ship line,” as well as an A/P automation deal with Helena Chemical Company in Tennessee for more than $440,000. ReadSoft, meanwhile, announced an A/P automation deal for more than $310,000 with a “a global giant in asset management,” and a $470,000 invoice processing deal “with a significant international company that provides pipeline and storage facilities to the oil and refined products sector, as well as owning fuel and asphalt refineries.” Kofax also won a $300,000 deal with a branch of the U.S. military for software to capture 1 million personnel health forms, medical lab reports, EKG results and other medical documents….annually.”
Hopefully, this all leads to more positive second quarter results.