Kofax signs OEM agreement with MobiFLex; makes USD0.5m investment.
M2 EQUITYBITES-December 1, 2011-Kofax signs OEM agreement with MobiFLex; makes USD0.5m investment(C)2011 M2 COMMUNICATIONS http://www.m2.com
Kofax plc (LSE:KFX.L), a provider of capture driven business process automation solutions, today announced that it has entered into an OEM agreement with and made a USD500,000 minority investment in MobiFlex Inc.
MobiFlex's ViziAppstm mobile platform reportedly enables the cost effective creation, publication and management of native applications for smartphones and tablet computers.
The company said that this announcement is the result of a joint development effort that began in early 2011 and creates the basis for a long term strategic partnership between the two companies.
The OEM agreement provides Kofax with the basic software tools and infrastructure needed to develop, market and deploy mobile capture applications for customers wishing to utilise smartphones and tablet computers as 'point of origination' gateways into their Kofax solutions. This will reportedly enable customers to use iPhones, iPads, Android phones and Android tablet computers and cameras in those devices to input information and capture images of documents and photographs. These can then be passed to Kofax workflows used to manage that content into their enterprise applications and repositories, Kofax said.
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 automatically 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.
Under the terms of these agreements, MobiFlex has granted Kofax the ability to ensure its exclusive global right to this technology for document centric mobile capture applications, and a fully paid up right to access and use the technology's source code in order to maintain, enhance and remarket the MobiFlex technology should MobiFlex discontinue operations.
In addition, MobiFlex has agreed to provide maintenance and support services to Kofax and conduct certain additional joint development efforts.
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|Date:||Dec 1, 2011|
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