Friday, May 20, 2011 8:10 AM
The Big Deal – Kofax to Acquire us!
Today, Atalasoft announced it is being acquired by Kofax, a publically traded software company and the market leader in the Document Capture space.
As you may know, I founded the company in 2002, and bootstrapped it all the way. We never took outside funding, and grew the company by differentiating in an already established imaging SDK market. Selling the company wasn’t my motivation, but this opportunity changed my mind. I view this acquisition is very positive in many ways.
- The Atalasoft business remains autonomous
- No jobs are going away as a result of this acquisition, our office is not moving, and we get to keep our quirky company culture
- We continue selling our products under the same licensing terms, and goto market strategy
- We are given additional resources to innovate our products even faster
- Positive exposure to the large enterprise market
- Myself and employees with equity incentives get to pull some cards off the table
- We join a winning team - have you checked Kofax’s stock lately?
Why did Kofax choose Atalasoft? Simply stated they found our products to have the best web-based imaging and capture technology on the market and found our team and business model to be very solid. I’m staying on for a couple years to ensure a successful transition and to continue to lead the business as General Manager.
In the last 12-months we’ve booked 5.2 million in sales with GAAP revenues of 3.8 million. In the last 12 months, our sales have grown 51% and revenues have grown 29%. With the added resources and Kofax’s enterprise market penetration we will continue this trend as a separate Kofax business unit.
What does this mean for our customers?
We have over 2500 customers in every imaginable market from small development shops to the Fortune 1000. Our licensing model is innovative – we have been successful in offering fixed fee royalty free licensing of our document imaging SDKs. That’s not changing. We will be offering new imaging capabilities at a more rapid rate, and will be integrating some of Kofax’s very unique technology over the coming months.
I’m very excited about the opportunity and looking forward to the next phase in Atalasoft’s growth!