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Document driven business process automation solutions provider Kofax plc has acquired 170 Systems, a leading provider of financial process automation software, for $32.9m.
The transaction is consistent with Kofax's stated acquisition strategy and both management and the board believe it should position the company for leadership in the rapidly growing invoice processing market.
170 Systems is privately held, venture capital funded company and has approximately 140 employees.
The company's flagship product , the 170 MarkView Financial Suite, is a proven workflow solution for invoice processing and related accounts payable functions that is fully integrated and certified for use with both SAP's and Oracle's enterprise resource planning software and typically delivers a return on investment of less than one year.
Story provided by Business Financial Newswire
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