Kofax enters OEM agreement and makes investment in MobiFlex.
TELECOMWORLDWIRE-December 1, 2011-Kofax enters OEM agreement and makes investment in MobiFlex(C)1994-2011 M2 COMMUNICATIONS http://www.m2.com
Kofax plc (LSE:KFX), a provider of capture driven business process automation solutions, announced on Thursday that it has entered into an OEM agreement with development stage company MobiFlex Inc and made a USD500,000 minority investment in the company.
MobiFlex's ViziApps mobile platform is designed to enable the cost effective creation, publication and management of native applications for smartphones and tablet computers.
This new agreement between Kofax and MobiFlex is the result of a joint development effort that began in early 2011 and creates the foundation for a long-term strategic partnership between the two companies.
The OEM agreement provides Kofax with the software tools and infrastructure needed to develop, market and deploy mobile capture applications for customers who want to use smartphones and tablet computers as "point of origination" gateways into their Kofax solutions.
The minority investment is in the form of a note payable due in two years and bearing interest at the rate of 5% per annum. The note will convert into MobiFlex equity on the same terms and conditions as a subsequent qualifying equity financing, but at a variable discount to the pricing of such financing, depending upon when it occurs.
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|Title Annotation:||Kofax plc contract with MobiFlex Inc|
|Article Type:||Brief article|
|Date:||Dec 1, 2011|
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