Lexington, KY – Lexmark announced Tuesday morning that it has offered $182 million for outstanding stock in Helsingborg, Sweden-based ReadSoft, a software company that would be absorbed into Lexmark’s Perceptive Software division.
ReadSoft’s software automates business processes, both on premise and in the cloud, according to a release from Lexmark. The software captures, classifies, sorts and routes both hard copy and digital business documents, provides approval workflows and extracts and verifies relevant data before depositing it into a customer's systems of record.
"The combination of ReadSoft and Perceptive Software will enhance our ability to create solutions that manage the ever-expanding forms of content, from traditional hard copy documents to mobile video and audio in today's digital business environment,” Lexmark CEO Paul Rooke said in a release.
"The two companies are both strategically focused on developing industry-specific solutions, creating synergies that will help us develop unique offerings for our customers to capture, manage and access their information more efficiently," Rooke added.
In a deal recommended by ReadSoft’s board and its two largest shareholders, Lexmark would pay $6.11 cash for Series A and B shares.
"The Board of Directors of ReadSoft has carefully considered the offer and views Lexmark as an excellent owner committed to the further development of ReadSoft's business, and has therefore decided to recommend the shareholders to accept the tender offer from Lexmark," said Göran Larsson, chairman of the board of ReadSoft.
The company’s applications include invoice processing, accounts payable automation and sales order processing. Its software also automates a wide variety of business processes like claims, applications and questionnaire processing across a number of industry segments.
ReadSoft operates in 70 countries and has more than 12,000 customers worldwide including BASF, Siemens, Bosch, HSBC, ING, Lego and John Deere. The company has 625 employees and reported revenue of $117 million in 2013.
Completion of the tender offer is contingent upon acceptance by ReadSoft shareholders representing more than 90 percent of the total number of outstanding shares of ReadSoft, applicable regulatory clearances and other customary closing conditions. The tender offer is expected to close in the second quarter of 2014.