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Process automation software company 170 Systems Inc. has been bought by a partner, U.K.-based Kofax PLC, for $32.9 million in a combination of cash, notes and future consideration payments.
Bedford-based 170 Systems provides the 170 MarkView Financial Suite, an invoice and accounts payable workflow software, that has previously integrated Kofax’s electronic invoice capture software as part of the overall MarkView suite.
Kofax paid $43 million, or net consideration of $32.9 million after deducting $10.1 million of cash held by the 170 Systems. Of that, $29.7 million was in cash, $9 million was in a note payable due on Sept. 4, 2010, and $4.3 million in the form of a hold back, with $2.3 million to be released on Sept. 4, 2010, and the rest one year later, both subject to certain terms and conditions.
170 Systems has approximately 140 employees. The company is privately held and in 2002 raised about $14 million from Polaris Venture Partners. The company’s customers include Bank of Montreal, BT, Juniper Networks, Reader’s Digest, Sandia National Laboratories and Verizon Wireless among others.
For the year ended Dec. 31, 2008, 170 Systems reported revenue of $28.1 million, a net loss from operations of $2.6 million and gross assets of $20.9 million.
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