Lexmark increases offer for ReadSoft

ctruman@herald-leader.comJuly 14, 2014 

Lexmark has invested heavily in software acquisitions to identity itself as a business information company.

LEXINGTON HERALD-LEADER Buy Photo

Lexmark International has again increased its bid for the Swedish business software company ReadSoft, part of a continuing attempt to fend off rival Hyland Software.

Lexmark announced Monday its cash tender offer price of 50 Swedish Krona per share, or $224 million.

The Lexington-based printer and business information company had offered $182 million in May and increased the offer to $194 million in June.

Hyland, based in Westlake, Ohio, works with document management, business process automation and records management — a similar profile to what Lexmark has become in recent years as it has expanded into information services in addition to its printer business. Hyland most recently offered 45 Swedish Krona per share for ReadSoft.

Lexmark chairman and CEO Paul Rooke said in a telephone interview that the increased offer for ReadSoft is worthwhile because the company fits so well into Lexmark's business strategy.

A release from Lexmark said ReadSoft's board of directors continues to unanimously support Lexmark's offer, as do ReadSoft's two largest shareholders and its founders.

ReadSoft has about 625 employees and had 2013 revenue of $117 million. It has more than 12,000 customers in 70 countries.

Cheryl Truman: (859) 231-3202. Twitter: @CherylTruman.

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