Hyland Software close to buying Lexmark's software division for nearly $1.5 bn

Private equity firm Thoma Bravo-owned Hyland Software Inc, is close to finalising a deal to buy the software division of printer maker Lexmark International Inc for nearly $1.5 billion, Reuters yesterday reported, citing people familiar with the matter.

Hyland "has outbid private equity firms in an auction for Lexmark's enterprise software group, known as Kofax, and may reach a deal as early as next week, the report said.

A consortium comprising of China's Apex Technology Co. Ltd and PAG Asia Capital, had acquired Lexmark in 2016 for $3.6 billion.

The report said that Hyland's OnBase software helps businesses store and manage content and documents and competes with Lexmark's products, according to Forrester Research.

Irvine, California-based Kofax makes application software that provides information capture, process management, data integration, customer communications management and analytics.

Lexmark had acquire Kofax in 2015 for around $1 billion.