March 04, 2013
Altosoft Enters Kofax Family for Use of Customer Interaction Solutions
By Mandira Srivastava
The business intelligence market has been increasing as of late with the growth of analytics, visualization and big data. Today, companies are looking toward practices in business Intelligence to support corporate strategy and ongoing decision making.
Forrester Research’s (News - Alert) report, “The Forrester Wave: Business Intelligence Service Providers, Q4 2012,” states that business intelligence has become crucial to the progression of the global economy.
Altosoft, a developer of business intelligence and analytics software, has been acquired by Kofax, a source of smart process applications for initial customer interactions.
Kofax has paid $13.5 million in cash to buy all of Altosoft's stock. The company will also make additional payments later, subject to the achievement of specific annual revenue growth rates and EBITDA levels in the coming years, 2013, 2014 and 2015.
Headquartered in Media, Pennsylvania with approximately 43 employees, Altosoft’s software offers the rapid, no-coding development of near-real time reporting and dashboard applications through the use of a data integration and analytics engine, utilizing in-memory techniques. The company’s software can be deployed on both a traditional on-premises basis, as well as a hosted SaaS (News - Alert) subscription offering.
Developed using Microsoft’s .net environment, Altosoft’s software has been easily integrated into Kofax’s software products.
Reynolds C. Bish, chief executive officer at Kofax, said in a statement, “Altosoft is a great fit with Kofax as the leadership team has prior experience in the BPM market, and the technology is an ideal complement to our existing product offerings. We’re pleased to welcome Altosoft to the Kofax family.”
Scott Opitz, president and chief executive officer at Altosoft said, “We look forward to new growth opportunities within Kofax’s larger direct and indirect sales channels, and being able to enhance Kofax's smart process application solutions. Our strength in business intelligence is a great fit with Kofax's leadership in smart capture, BPM, dynamic case management and mobile applications.”
Edited by Braden Becker