Kofax has entered into a definitive agreement to be acquired by Clearlake Capital Group, L.P. (together with its affiliates, “Clearlake”) and TA Associates (“TA”) from Thoma Bravo, a leading software investment firm. Upon closing of the transaction, Clearlake and TA will become majority shareholders in Kofax. Financial terms of the transaction were not disclosed.

Founded in 1985, Kofax is one of the largest suppliers in the process automation market, supporting more than 25,000 customers across diverse industries worldwide. The Company’s solutions help organizations digitally transform information-intensive business processes, reducing manual labour, errors and costs and improving customer engagement, while also mitigating compliance risk and increasing competitiveness, growth and profitability.

Kofax combines robotic process automation, cognitive capture, process orchestration, mobility, engagement and analytics to ease implementations and generate more efficient outcomes.

Over the course of Thoma Bravo’s five-year partnership, Kofax has introduced several new software solutions, closed multiple acquisitions and improved backend operations, contributing to the rapid growth in the Company’s customer base, strong recurring revenue and its leadership position in the automation software market.

“Clearlake and TA offer industry knowledge and experience scaling enterprise software companies like ours,” said Reynolds C. Bish, CEO of Kofax.

“These resources will be critical as we strive to further grow the company and bring added value to our customer base, with a focus on developing and expanding our product portfolio. We are proud of what we have achieved with Thoma Bravo’s support and are thrilled to enter the next phase of our journey in partnership with Clearlake, TA and our incredible Kofax team.”

“Kofax has a proven track record of delivering high-quality software that simplifies information-intensive workflows, an urgent need with the ever-accelerating pace of digital transformation,” said Harry Taylor, Managing Director, and Mike Libert, Director, at TA.

“Building on its momentum in the market, we believe there is significant opportunity to further strengthen and expand the Company’s integrated platform of solutions. TA looks forward to collaborating with Kofax’s management team and Clearlake to promote strategic growth and innovation.”

“Reynolds and his team have built Kofax into a comprehensive platform within workflow automation software, and we share the team’s excitement about how well-positioned the Company is to grow its footprint, both organically and through acquisitions,” said Prashant Mehrotra, Partner, and Paul Huber, Managing Director, at Clearlake.

“We are believers in Kofax’s value proposition and customer-focused culture, and we look forward to partnering with the Company’s management team and employees as we leverage our O.P.S. to expand its workflow automation solutions to its customers globally.”

The transaction is expected to close in the third quarter of 2022 pending customary closing conditions.