The deal to acquire Kofax by Lexmark International has been sealed with the final price exceeding $US1 billion, and Kofax Reynolds Bish stepping into the chair as president of Lexmark’s Enterprise Software division.

This acquisition will nearly double the size of Lexmark’s Enterprise Software annualized revenue to approximately $US700 million.

Lexmark also announced that Scott Coons, president of Lexmark’s Enterprise Software, has decided to retire, effective at the end of July 2015. Coons has led Lexmark’s software division since the company acquired Perceptive Software in 2010.

Paul Rooke, Lexmark chairman and chief executive officer, said, “We have tremendous confidence in the future of our Enterprise Software business under Reynolds — a testament to his proven leadership abilities and career success.

“His considerable experience in building and operating global businesses is a harbinger of future growth and expansion for Lexmark’s Enterprise Software,” added Rooke.