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Tungsten Automation
American intelligent automation software provider From Wikipedia, the free encyclopedia
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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]
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.
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History
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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]
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Products
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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:
- TotalAgility, a workflow orchestration software within the Intelligent Automation Platform that includes low-code, document intelligence, process orchestration, and connected systems capabilities to improve business processes[28]
- RPA, robotic process automation software that allows code-free automation of labor-intensive, multi-step tasks across systems and data sources[29]
- SignDoc, e-signature software that verifies electronic signatures for document workflows[30]
The company's Finance & Accounting group develops an Accounts Payable (AP) Automation Platform which includes the following:
- AP Agility, artificial intelligence-enabled accounts payable software, used to simplify internal business processes[31]
- AP Essentials (formerly ReadSoft Online) invoice processing software that automatically captures and validates invoice data from multiple formats[32]
- Invoice Portal, an online portal for electronic invoicing[citation needed]
The company's Capture & Print business area develops software to support print-centric business processes, including the following:
- ControlSuite, print management, capture and document security software[33]
- AutoStore, software for automated and compliant document capture[34]
- Capture, software for processing and integrating content directly into a business's workflow from any location[34][35]
The company's Desktop Productivity software includes a variety of software for managing documents. Desktop Productivity products include:
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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]
References
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