Kofax (KFX) has acquired German-based company Softpro, a provider of signature verification, fraud prevention and electronic signature software and services, in an all-cash transaction for $34.7 million.
Softpro’s electronic signature software, SignDoc, is currently used by many large banks to verify signature accuracy and offers other features as well.
According to a release from Kofax, SignDoc offers both click-to-sign and physical signature capture via mobile and other devices, signature verification and fraud detection, and it is available for on premise or cloud deployments. The software currently processes over 200 million electronic signatures annually.
“Softpro has established itself as a trusted solution provider with many of the world’s largest banks – including Citibank, JPMorgan Chase, Wells Fargo and others – as well as leading financial institutions, retailers and government agencies in more than 50 countries,” Reynolds Bish, Kofax’s CEO said.
“Its software offers enhanced capabilities to Kofax customers who want to embed it within their smart process applications, thus making the First Mile of customer interactions even smarter.”
Kofax said it anticipates the Softpro integration will help to increase the speed and simplify the signature capture process, therefore enabling organizations to offer a fully digital, streamlined and secure experience with confidence.
Prior to Kofax’s acquisition, Softpro was a privately held company headquartered in Boeblingen, Germany with approximately 80 employees located principally Western Europe and the U.S.
In the transaction, Kofax acquired all of Softpro’s stock for $34.7 million in cash. Of that amount, $31.2 million was paid as part of the closing of the transaction on September 1.
Kofax said that an additional $1.1 million will be paid 90 days after closing, $1.2 million will be paid one year from closing and $1.2 million will be paid two years from closing. The company said that the subsequent payments are subject to “certain indemnification terms and conditions.”
Kofax said that it expects to complete the integration of Softpro by the end of 2014.
According to Kofax, Softpro’s principal shareholders, Heinz Reschke, founder and CEO, and Peter Reschke, head of sales, and all other Softpro employees will remain as employees for the immediate future.