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Print Edition StoriesDocument imaging vendor Atalasoft Inc. of Easthampton has been acquired by a California-based Kofax plc, also a document imaging firm, (LSE: KFX) for $5.5 million, Kofax announced.
Atalasoft has about 20 employees and saw revenue of $3.6 million in 2010, according to the announcement. The cash acquisition will include $4.7 million to be paid on closing of the transaction and $800,000 to be paid a year from closing. The company's owners could also receive additional payments of $4.2 million in cash over the next two-and-a-half years based on achievement of revenue and earnings targets and other management objectives, according to the announcement.
The acquisition doesn’t include Atalasoft’s Vizit business, which was recently spun off into a separate entity, according to the announcement.
Atalasoft offers software for working with documents over the web, with products including DotImage, an imaging toolkit for Microsoft Corp. .NET developers.
In May 2010, Atalasoft said it had hired former Eastman Kodak and Captaris executive Paul Yantus as president, working with CEO and founder Bill Bither.
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