Private equity firm Thoma Bravo on Monday announced that it had completed the acquisition of Lexmark International Inc.’s Enterprise Software business.
Under former president and chief executive officer Paul Rooke, Enterprise Software coupled with the printer business had been Lexmark’s strategy to unite business information services under a single provider.
Lexmark’s acquisition by a consortium of Asian investors, completed in November 2016, turned that strategy on its ear with the first order of business being to shed the Enterprise Software group, a big part of the company’s growth in recent years.
Lexmark Enterprise Software’s Kofax and ReadSoft businesses have been combined under the Kofax brand to create a single, newly independent Thoma Bravo portfolio company. That organization will be led by Reynolds Bish, former president at Lexmark Enterprise Software and now Kofax president and chief executive officer.
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Lexmark’s Perceptive business is being transitioned to Hyland Software, an existing Thoma Bravo portfolio company.
“Kofax and ReadSoft have a proven track record of delivering high-quality software that is of great value to the enterprise,” said Seth Boro, managing partner at Thoma Bravo. “By helping simplify and streamline burdensome processes, Kofax enables businesses to focus on its customers.”