Kofax to be acquired by Clearlake Capital and TA Associates

Business process automation provider Kofax has entered an agreement to be acquired by Clearlake Capital Group and TA Associates from incumbent software investment owner Thoma Bravo. Clearlake was an investor for four years in NetDocuments, selling its stake to Warburg Pincus in 2021.

Founded in 1985, Kofax was acquired by Thoma Bravo in 2017 from Lexmark Enterprise Software, combining Lexmark’s Kofax and ReadSoft businesses under one brand. In 2018 it acquired Nuance’s document imaging division to expand into the legal marketplace. Kofax last month agreed a deal to acquire London-based electronic invoicing company Tungsten Corp for £53.7m.

“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.”

Kirkland & Ellis and Sidley Austin provided legal counsel to TA and Clearlake. Kirkland & Ellis also provided legal counsel to Thoma Bravo. Terms of the deal have not been disclosed.