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Lexington, KY – The third quarter of 2014 for Lexmark International saw revenues grow 3 percent year over year on the back of 12 percent growth in its managed print services and 46 percent growth in its Perceptive Software division, the company announced Tuesday.
Business Lexington
“We’re quite excited about the growth,” Lexmark Chairman and CEO Paul Rooke told Tuesday afternoon about the quarter that brought in $918 million compared to $890 million in the same period of 2013.
One of the pushes for the growth of the suburban Kansas City, Kansas-based Perceptive was the acquisition of Swedish software firm ReadSoft during the quarter. Lexmark first offered $182 million to acquire the company in May and finally sealed the deal when taking a controlling interest in August after battling with an Ohio-based software company for control of the then publically traded ReadSoft.
“We’re quite excited about being done with the acquisition process now,” Rooke said with a chuckle about the deal that when done cost the company $251 million to ReadSoft shareholders. The company currently has “teams deeply engaged on the integration activities to bring them in and make them part of the Lexmark family.”
Despite the increase in price, Rooke said Lexmark will get its money’s worth.
“We saw that ReadSoft was an undervalued company and we saw a tremendous opportunity there, even with the competitive run up in the price, it still represents a tremendous value for us,” he said.
With the addition of ReadSoft and the organic growth of the managed print services and Perceptive Software divisions, Rooke said he sees those segments – the focus of the company’s restructuring in recent years – as making up nearly one-third of the company’s revenue for the year.
For the quarter stockholders saw earnings of 60 cents per share, an increase from 53 cents during the same period in 2013.