Lexmark International, the Lexington-headquartered maker of printers recently purchased by a China-based consortium lead by Apex Technology, announced the elimination of 320 jobs in its software division.
“This action was taken to reduce our costs to be more in line with our revenues and those of comparable enterprise software companies,” Sylvia Chansler, a spokeswoman for Lexmark subsidiary Kofax Inc., said in a statement. “We have been and remain solidly profitable and therefore financially healthy.”
In late November, Lexmark announced the completion of its sale to the China-based Apex and PAG Asian Capital. Lexmark officials said the agreement was an “all-cash transaction valued at approximately $3.6 billion, or $40.50 per share.” At the time, longtime CEO Paul Rooke was replaced by David Reeder, who had served as chief financial officer. The company also announced it planned to sell off its software business and focus on hardware.
Chansler and local officials declined to comment on the number of jobs that are being eliminated in Lexington as part of this software group reduction.
Lexmark purchased Kofax Inc. in March 2015 for $1 billion in a bid to expand the company’s reach in management software.