Steve's Gadget Blog

According to the firms, the software eliminates the need to print, mail, receive and process paper-based invoices and other documents, thereby reducing otherwise manual labor processes and costs, improving the accuracy of the related data and accelerating processing times. This enables better accounts payable management to ensure that all application terms, conditions and discounts are fully utilized.

The majority of invoices and other documents continue to originate in a paper format but many companies and government agencies are gradually migrating to electronic formats to improve efficiency and lower costs, the comapnies said. "As a result, the adoption of electronic invoice and other document processing software is accelerating and users are in need of a capture solution capable of accommodating both paper and electronic formats," the companies said in a statement.

The OptiInvoice and Kofax software products have been successfully integrated, the companies said, and the integrated offering will be released this calendar quarter.

“This acquisition is a natural extension of our intention to grow both organically as well as through the acquisition of synergistic software companies and products,” said Reynolds Bish, Kofax CEO. “It also begins to level the competitive landscape in the invoice processing segment of the capture market, where we previously needed to partner with a third party to provide these capabilities while our most direct competitor could already offer a complete solution. "

"This should enable us to accelerate our revenue growth in this important and rapidly-growing segment of the capture market," Bish added.

The acquisition is expected to be EBITA neutral in the current financial year and accretive thereafter. OptiInvoice broke even in the year ended December 31, 2007, and at December 31, 2007 reported gross assets of £205,479.