ReadSoft Acquires foxray

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ReadSoft, a leading capture software ISV, which is based in Sweden, has acquired German document capture ISV foxray, which develops a capture framework for high-volume environments. foxray’s founders came from the ticketing arm of the German airline Lufthansa, and its xbound application acts as a framework that can incorporate multiple capture processes.

According to the ReadSoft press release, foxray’s revenue is approximately 7 million Euro, just over $9 million. The initial acquisition price is 7.85 million Euro, with an additional .65 million Euro worth of ReadSoft shares going to foxray’s two owners, who are going to remain on board. There are earnout incentives of up to an additional 3.3 million Euro through 2014.

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