Financial Software - Wednesday, September 9, 2009
Kofax Throws $32.9M To Buy 170Systems
Irvine-based document management software developer Kofax has bought 170 Systems. 170 Systems sells financial process automation software. Kofax paid $32.9M for 170 Systems (plus $10.1M for cash on hand). 170 Systems is based in Boston and has about 140 employees. 170 Systems was venture backed by Polaris Ventures.
Polaris invested $14M but 170 Systems still had the $10.1M cash on hand. 170 Systems had 2008 sales of about $28M but wasn’t profitable. So its not a huge win for investors but they'll take it. Kofax has 1,200 employees and an estimated $300M in yearly sales prior to the deal.
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