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U.S. Government Agency Invests an Additional $300,000 with Kofax to Automate Mortgage Loan ProcessingIRVINE, Calif. --(Business Wire)-- Kofax® Limited (NASDAQ and LSE: KFX), a leading provider of smart process applications for the business critical First Mile™ of customer interactions, today announced that a United States government agency has invested $300,000 to expand its Kofax solution. The agency uses its Kofax solution to automate and streamline the processing of more than 30 million mortgage related documents such as appraisals, loan agreements and settlement notes received annually across 70 state offices. The government agency, which administers more than $40 billion in loans, has been using Kofax Capture™ and Kofax Transformation Modules™ to automate the capture of document images and is now leveraging the software's full capabilities to automatically identify and extract critical borrower information from documents. The solution then exports the results into the agency's systems of record, all while ensuring the consistent application of business rules needed for regulatory compliance and governance purposes. "Many Kofax customers start by digitizing information to improve information visibility as this government agency did," commented Howard Dratler, Executive Vice President of Field Enablement at Kofax. "The beauty of working with Kofaxis that customers can increase the business value of their solution over time. So after improving information visibility, this agency can achieve operational excellence, increase customer intimacy and, ultimately, achieve enterprise agility." Kofax Capture provides industry leading scan-to-archive capabilities by scanning documents and forms to create digital images, extracting index data for retrieval purposes and delivering the images and associated data to a variety of repositories and applications. Kofax Transformation Modules (KTM) is an integrated platform of applications that streamline the transformation of different document types into structured electronic information, ready for delivery into business systems and processes. The sale closed during the fourth quarter of Kofax's fiscal year 2014 and included over $300,000 in software license revenue. About Kofax Kofax is a leading provider of smart process applications for the business critical First Mile of customer interactions. These begin with an organization's systems of engagement, which generate real time, information intensive communications from customers, and provide an essential connection to their systems of record, which are typically large scale, rigid enterprise applications and repositories not easily adapted to more contemporary technology. Success in the First Mile can dramatically improve an organization's customer experience and greatly reduce operating costs, thus driving increased competitiveness, growth and profitability. Kofax software and solutions provide a rapid return on investment to more than 20,000 customers in financial services, insurance, government, healthcare, business process outsourcing and other markets. Kofax delivers these through its own sales and service organization, and a global network of more than 800 authorized partners in more than 75 countries throughout the Americas, EMEA and Asia Pacific. For more information, visit kofax.com. © 2014 Kofax Limited. Kofax is a registered trademark and First Mile, Kofax Capture and Kofax Transformation Modules are trademarks of Kofax Limited. |
