Tungsten Automation

Last updated
Tungsten Automation
Company type Private
Industry Computer software
Founded1985;39 years ago (1985)
FoundersDavid Silver, Dean Hough
Headquarters Irvine, California
Key people
Reynolds C. Bish (CEO)
Products Intelligent automation, cognitive capture, robotic process automation, business process orchestration, data integration, customer communications management, analytics, print management
RevenueIncrease2.svg $500 million (2020)
Owner
Number of employees
2,200 (2024) [1]
Website www.tungstenautomation.com

Tungsten Automation, formerly Kofax Inc., is an Irvine, California-based intelligent automation software provider. Founded in 1985, the company's software allows businesses to automate and improve business workflows by simplifying the handling of data and documents. [2]

Contents

Since 2017, the company has been an independent portfolio company owned by private equity firm Thoma Bravo. [3] In 2022, Clearlake Capital and TA Associates completed their acquisition of the company from Thoma Bravo.

History

Tungsten Automation was founded in 1985 as Kofax Image Products by engineers Dean Hough and David Silver, who worked together at document processing company FileNet. [4] Silver became the company's chief executive officer and president. [5] The company initially focused on making personal computer circuit boards to convert them into image-processing machines, and its first products were released in 1989. [4]

In the 1990s, the company continued to develop its core image processing technology. [6]

In October 1997, the company went public on the Nasdaq market. [7]

In July 1999, the company announced it would be purchased by UK-based holding company DICOM Group in a reported US$75 million cash deal, with the intent to pair Kofax Image Products, Inc.’s digital capture technology with DICOM Group's distribution services in Europe. [6]

In July 2000, CEO and President Silver stepped down and was succeeded by Arnold von Büren, former deputy chief executive officer of Dicom. [5]

In 2002, Rick Murphy was named CEO of Kofax, and von Büren was promoted to CEO of Dicom Group. [8]

In April 2003, Kofax acquired Mohomine Inc., an automated text classification and extraction developer. [9]

In December 2005, Dicom Group / Kofax Inc. appointed Rob Klatell as CEO of Dicom. [10]

In November 2007, then CEO Rob Klatell was replaced by Reynolds Bish, former CEO of Captiva Software, now part of OpenText. [8]

In January 2008, the company renamed Kofax Image Products, Inc. and Dicom Group as Kofax Inc. [11]

In May 2011, Kofax Inc. announced the acquisition of Atalasoft Inc., an image software company whose primary product was a document imaging toolkit named dotImage. [12] In December, Kofax Inc.’s US$48 million bid to purchase London IT company Singularity was accepted. [13] This acquisition enabled business process management (BPM) and case management software to exist through public or private SaaS (software as a service) platforms. [14]

In the summer of 2013, Kofax added robotic process automation (RPA) developer Kapow Software (now: Kofax RPA). In December, Kofax Inc. was added to the Nasdaq Stock Market as (KFX). [15]

In September 2014, Kofax acquired Softpro, an e-signature and signature verification software company in Stuttgart, Germany, as a separate entity. [16]

In March 2015, Kofax Inc. purchased Aia Holding, a customer communications management company in The Netherlands, in a US$19.5 million cash deal. [17] Also in March, the company introduced Mobile ID, image validation software for capturing proof-of-identity documents required for secure processes such as opening bank accounts. [17]

On March 24, 2015, Lexmark International, Inc. and Kofax Inc. entered into a merger agreement. Lexmark acquired outstanding shares of Kofax Inc. for US$11 per share, or approximately US$1 billion. [18] [19] After the acquisition closed, Kofax Inc. combined with Perceptive Software, a subsidiary of Lexmark, to form an expanded business content and management software unit of their parent company. [19] Kofax Inc. ended the 2015 fiscal year with US$297 million in revenue. [19]

In the spring of 2016, Lexmark and its subsidiaries were acquired by an investment consortium led by Apex Technology Co. and PAG Asia Capital. The purchase was valued at US$3.6 billion. [20]

In July 2017, private equity and growth capital firm Thoma Bravo acquired Lexmark's Enterprise Software business which consisted of three entities: Kofax, ReadSoft, and Perceptive Software. [21] Following this, Kofax and ReadSoft combined into a single, newly independent Thoma Bravo portfolio company. [21]

In November 2018, Kofax announced it was acquiring the Document Imaging Division of Nuance Communications. [22] By means of this acquisition, Kofax gained Nuance's Power PDF, PaperPort document management and OmniPage optical character recognition software applications.

In May 2019, Kofax acquired Top Image Systems (NASDAQ:TISA)(TIS). [23]

In June 2021, Kofax announced the acquisition of PSIGEN Software, Inc., a provider of document capture, content management and workflow automation software and solutions. [24] In August, the company announced the acquisition of cloud-based print management system provider Printix.net. [25]

In July 2022, Clearlake Capital and TA Associates completed their acquisition of the company from Thoma Bravo. [26]

On January 16, 2024, Kofax was renamed to Tungsten Automation. [27]

Products

Tungsten Automation develops intelligent automation software for businesses, for applications ranging from print management, to process automation and document/pdf management. [22] Its products are grouped into four categories: Intelligent Automation Platform; Finance & Accounting; Capture & Print; and Desktop Productivity.

The company's Intelligent Automation Platform supports digital workflows and includes the following components:

The company's Finance & Accounting group develops an Accounts Payable (AP) Automation Platform which includes the following:

The company's Capture & Print business area develops software to support print-centric business processes, including the following:

The company's Desktop Productivity software includes a variety of software for managing documents. Desktop Productivity products include:

Operations

Tungsten Automation is headquartered in Irvine, California. [2] As of 2024, it had approximately 2,200 employees in 32 countries around the world. [1] Specialized industries include healthcare, insurance, transportation & logistics, government, finance & accounting and business process management. Customers and partners include Xerox, HP Inc., Canon Inc., Samsung, Visa Inc. and The Bank of Tokyo-Mitsubishi. [22] [37] [38]

Related Research Articles

<span class="mw-page-title-main">Workflow</span> Pattern of activity often with a result

Workflow is a generic term for orchestrated and repeatable patterns of activity, enabled by the systematic organization of resources into processes that transform materials, provide services, or process information. It can be depicted as a sequence of operations, the work of a person or group, the work of an organization of staff, or one or more simple or complex mechanisms.

<span class="mw-page-title-main">OpenText</span> Canadian software company

OpenText Corporation is a Canadian Information company that develops and sells enterprise information management (EIM) software.

Lexmark International, Inc. is a privately held American company that manufactures laser printers and imaging products. The company is headquartered in Lexington, Kentucky. Since 2016 it has been jointly owned by a consortium of three multinational companies: Apex Technology, PAG Asia Capital, and Legend Capital.

Kevin Drum is an American journalist. Drum initially rose to prominence through the popularity of his independent blog Calpundit (2003–2004). He later was invited to launch a blog, Political Animal (2004–2008), for the Washington Monthly. He held a writing and blogging position at Mother Jones magazine from 2008 to 2021, before returning to independence with his Jabberwocking blog. He was born in Long Beach, California and currently lives in Irvine, California.

<span class="mw-page-title-main">Alfresco Software</span> Information management software

Alfresco Software is a collection of information management software products for Microsoft Windows and Unix-like operating systems developed by Alfresco Software Inc. using Java technology. The software, branded as a Digital Business Platform is principally a proprietary & a commercially licensed open source platform, supports open standards, and provides enterprise scale. There are also open source Community Editions available licensed under LGPLv3.

Perceptive Software is a business unit of Hyland Software, Inc. Hyland announced its acquisition of Perceptive in July 2017.

ReadSoft was a global provider of applications for automating business processes. ReadSoft was founded by two university students in Linköping, Sweden, in 1991. The company was headquartered in Helsingborg, Sweden and its shares were traded on the NASDAQ OMX – Stockholm Small Cap list. ReadSoft had operations in 17 countries and a partner network in an additional 70 nations.

<span class="mw-page-title-main">TIBCO Software</span> American enterprise software company

TIBCO Software Inc. is a business unit of Cloud Software Group that provides enterprise software. It has headquarters in Palo Alto and offices in North America, Europe, Asia, the Middle East, Africa and South America.

<span class="mw-page-title-main">Hyland Software</span> Documentation management software company

Hyland Software is the developer of the enterprise content management (ECM) and process management software suite called OnBase. Applications of the suite are used in healthcare, financial institutions, insurance, government, higher education and manufacturing. The firm has its headquarters in Westlake, Ohio, and offices in Lincoln, Nebraska; Irvine, California; Charlotte, North Carolina; São Paulo, Brazil; London, England; Tokyo, Japan; Andover, Massachusetts; Melbourne, Australia; Kolkata, India; Sydney, Australia; Berlin, Germany; Olathe, Kansas; Bloomington, Minnesota; Salt Lake City, Utah; Phoenix, Arizona; and Tampa, Florida.

<span class="mw-page-title-main">Qlik</span> Software company whose main products are QlikView and Qlik Sense

Qlik [pronounced "klik"] provides a data integration, analytics, and artificial intelligence platform. The software company was founded in 1993 in Lund, Sweden and is now based in King of Prussia, Pennsylvania, United States. Thoma Bravo made the company private in 2016.

<span class="mw-page-title-main">Softpro</span>

The Softpro Group was a specialized vendor in the niche of systems for capture and verification of handwritten signatures – one segment of Biometrics.

Brainware was an American software company that marketed Automatic identification and data capture and data extraction products. The company was acquired by Hyland Software in 2017. Brainware originally spun out of Dulles, Virginia-based SER Solutions Inc. in February 2006 when SER was acquired by The Gores Group LLC. From February 2006 to March 2012, Brainware's majority owner was San Francisco-based private equity firm Vista Equity Partners.

Accusoft is a privately held software company that is headquartered in Tampa, Florida. It was founded in 1991 as Pegasus Imaging, by Jack Berlin, the current CEO and President.

<span class="mw-page-title-main">Y Soft</span>

Y Soft Corporation is a multinational software and electronic hardware company founded in 2000, which operates in 21 countries. The company's headquarters are in Brno, Czech Republic, with offices in France, Hungary, Denmark, Israel, United Kingdom, United Arab Emirates, United States, Japan, Singapore, Australia, and China.

Blue Prism is the trading name of the Blue Prism Group plc, a British multinational software corporation that pioneered and makes enterprise robotic process automation (RPA) software that provides a digital workforce designed to automate complex, end-to-end operational activities. In March 2022, Blue Prism was acquired by SS&C Technologies.

<span class="mw-page-title-main">Tungsten Network</span> Global electronic invoicing firm.

Tungsten Network is a global electronic invoicing firm that provides supply chain financing services from international offices in the United Kingdom, United States, Bulgaria, Germany, and Malaysia. As a small- to medium-sized IT company, they have an estimated revenue of £31.3 million (GBP) as of July 2017. Tungsten Corporation Plc (TUNG) is reported to trade regularly on the London Stock Exchange. Main competitors in this arena include Tradeshift, Ariba, Basware, Taulia and iPayables.

<span class="mw-page-title-main">Appian Corporation</span> American cloud computing company

Appian Corporation is an American cloud computing and enterprise software company headquartered in McLean, Virginia, part of the Dulles Technology Corridor. The company sells a platform as a service (PaaS) for building enterprise software applications. It is focused on low-code development, process mining, business process management, and case management markets in North America, Europe, the Middle East and Southeast Asia.

<span class="mw-page-title-main">UiPath</span> Romanian-American developer of robotic process automation software

UiPath Inc. is a global software company that makes robotic process automation (RPA) software. It was founded in Bucharest, Romania, by Daniel Dines and Marius Tîrcă. Its headquarters are in New York City. The company's software monitors user activity to automate repetitive front and back office tasks, including those performed using other business software such as customer relationship management or enterprise resource planning (ERP) software.

Intelligent automation (IA), or alternately intelligent process automation, is a software term that refers to a combination of artificial intelligence (AI) and robotic process automation (RPA). Companies use intelligent automation to cut costs and streamline tasks by using artificial-intelligence-powered robotic software to mitigate repetitive tasks. As it accumulates data, the system learns in an effort to improve its efficiency. Intelligent automation applications consist of but are not limited to, pattern analysis, data assembly, and classification. The term is similar to hyperautomation, a concept identified by research group Gartner as being one of the top technology trends of 2020.

<span class="mw-page-title-main">ABBYY</span> American digital intelligence company

ABBYY is an American technology company specializing in AI-powered document processing and automation, data capture, process mining and optical character recognition (OCR). It was founded in the USSR and operated in Russia for nine years before moving to the United States. Primarily focused on software as a service model, the company serves clients worldwide. One of ABBYY's best-known products is ABBYY FineReader, an optical character recognition (OCR) computer program.

References

  1. 1 2 "A New Chapter Begins: Kofax is now Tungsten Automation". BusinessWire. January 16, 2024. Retrieved March 12, 2024.
  2. 1 2 "Kofax CEO Explains $400M Document Imaging Buy". Orange County Business Journal. November 26, 2018. Retrieved November 9, 2021.
  3. ↑ "Lexmark's Lenexa operations trade hands — again". Kansas City Business Journal. May 3, 2017. Retrieved November 9, 2021.
  4. 1 2 "One Executive's Spinoff Begat Second Venture : Technology: After an industry veteran built his own computer company, two of his workers found a non-competitive application for a business". LA Times. August 18, 1991. Retrieved November 9, 2021.
  5. 1 2 "Silver Will Step Down as Kofax Officer". LA Times. June 2, 2000. Retrieved November 9, 2021.
  6. 1 2 "Kofax acquired by international investment group". KMWorld. July 30, 1999. Retrieved November 9, 2021.
  7. ↑ "Kofax Completes Initial Offering". LA Times. October 19, 1997. Retrieved November 9, 2021.
  8. 1 2 "Dicom Turns To Bish" (PDF). Document Imaging Report. November 16, 2007. Retrieved November 9, 2021.
  9. ↑ "Kofax Buys Text Classification, Extraction Developer". eWeek. April 9, 2003. Retrieved November 9, 2021.
  10. ↑ Gammon, Ralph (November 3, 2006). "Dicom Strives To Improve Market Focus" (PDF).
  11. ↑ "Electronic data company consolidates under one name, Kofax, of Irvine". Orange County Register. February 22, 2008. Retrieved November 9, 2021.
  12. ↑ "Kofax Limited". UNITED STATES SECURITIES AND EXCHANGE COMMISSION. 2013. Retrieved May 7, 2018.
  13. ↑ "US takeover for Londonderry IT firm Singularity". BBC News. December 6, 2011. Retrieved May 7, 2018.
  14. ↑ "Kofax Acquires Singularity; Unifies Document Capture and BPM for On-Premise, Cloud". Integration Developer News. 2018. Retrieved May 7, 2018.
  15. ↑ "KOFAX LTD (KFX) IPO". NASDAQ. 2018. Retrieved May 7, 2018.
  16. ↑ "Kofax Acquires German E-Signature Company". Orange County Business Journal. September 2, 2014. Retrieved November 9, 2021.
  17. 1 2 "Consumers are finally ready for paperless transactions. Are you?". Fortune. March 12, 2015. Retrieved May 7, 2018.
  18. ↑ "Lexmark to Acquire Kofax". SEC GOV. March 24, 2015. Retrieved May 7, 2018.
  19. 1 2 3 "Perceptive Software's owner makes $1 billion acquisition". The Kansas City Star. March 24, 2015. Retrieved May 7, 2018.
  20. ↑ "Lexmark to Be Bought by Apex, PAG Asia in $3.6 Billion Deal". Bloomberg. April 19, 2016. Retrieved May 7, 2018.
  21. 1 2 "Thoma Bravo to Acquire Lexmark's Kofax". Finovate. May 8, 2017. Retrieved May 8, 2018.
  22. 1 2 3 "Kofax CEO Explains $400M Document Imaging Buy". Orange County Business Journal. November 26, 2018. Retrieved November 9, 2021.
  23. ↑ Penn, David (2019-02-05). "Kofax Agrees to Acquire Top Image Systems". Finovate. Retrieved 2024-12-10.
  24. ↑ "Kofax Acquires PSIGEN". Orange County Business Journal. November 9, 2021. Retrieved November 9, 2021.
  25. ↑ "Kofax Acquires Print Management Software Provider Printix.net". PYMNTS. November 9, 2021. Retrieved November 9, 2021.
  26. ↑ "Thoma Brava completes sale of software firm Kofax to Clearlake and TA". PE Hub. July 25, 2022. Retrieved July 25, 2022.
  27. ↑ "Kofax rebrands as Tungsten Automation to reflect its AI-powered workflow automation focus". KMWorld. 2024-01-19. Retrieved 2024-12-10.
  28. ↑ "Kofax expands low-code capabilities within TotalAgility". KMWorld. June 4, 2021. Retrieved November 9, 2021.
  29. ↑ "Kofax, ImageTech Partnership Uses Intelligent Automation To Expedite COVID-19 Relief". Integration Developer News. June 23, 2020. Retrieved November 9, 2021.
  30. ↑ "Kofax Simplifies E-Signature Capture, Processing". CMS Wire. July 9, 2020. Retrieved November 9, 2021.
  31. ↑ "Kofax Rolls Out New Version of AP Agility Software". Pymnts. April 13, 2021. Retrieved November 9, 2021.
  32. ↑ "Kofax, Microsoft Team On Enhancing AP Automation". CMS Wire. July 9, 2020. Retrieved November 9, 2021.
  33. ↑ "Brother and Kofax partner to offer unified solution". KMWorld. March 27, 2020. Retrieved November 9, 2021.
  34. 1 2 Taulli, Tom (28 February 2020). The Robotic Process Automation Handbook: A Guide to Implementing RPA Systems. Apress. p. 249. ISBN   9781484257296.
  35. ↑ "Kofax Chief Bish Embraces Work-From-Home Concept". US Department of Veteran's Affairs. March 12, 2020. Retrieved November 9, 2021.
  36. ↑ "VA Technical Reference Model v 21.11". PC World. August 21, 2018. Retrieved November 9, 2021.
  37. ↑ "Kofax, Visa Cut B2B Payments Deal". PYMNTS. November 5, 2014. Retrieved November 9, 2021.
  38. ↑ "Tokyo-headquartered bank adopts RPA technology". KM World. February 26, 2018. Retrieved November 9, 2021.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.