Kofax buys US software group 170 Systems
Business Process Automation solutions provider Kofax is reinforcing its invoice processing capabilities through the acquisition of 170 Systems, a leading provider of financial process automation software. The transaction should amount to a total of $32.9 M in cash.
Headquartered in Boston, 170 Systems has around 140 employees, and a very large customer base including Bank of Montreal, BT, France Telecom, Sandia National Labs, Verizon Wireless, and over 150 other organizations. Its flagship product, the MarkView Financial Suite, is a proven workflow solution for invoice processing and accounts payables. 170 Systems was already using Kofax, but also EMC Captiva, as onramp for paper invoices.
It sounds like a very good move for Kofax, as it should considerably expand its Accounts Payable Offering (mostly paper-based today) with much stronger e-Invoicing capabilities. But it should also allow the UK-based company to move downstream in their customer’s business process – allowing more advanced workflow capabilities and direct integration into customer ERP systems, through 170 Systems’ SAP and Oracle’ integration.
