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Kofax Makes the Most Serious Investment Yet in Intelligent Automation with NDI and TIS, but Does the Market Care?
Earlier this month, Kofax closed its acquisition of Nuance Document Imaging (NDI), a division of Nuance Communications, at a price tag of $400 million. It also entered a definitive agreement to acquire Top Image Systems (TIS). These two acquisitions are significant, not only for the hefty price tag (where PE money from Thoma Bravo helped!) but also for the development of enhanced RPA solutions. RPA clients are struggling to expand piecemeal implementations to fully scaled-up intelligent automation initiatives.
The acquisitions of NDI and TIS are aimed rightly at a sore point of RPA customer experience. Our interviews with 350+ super users of RPA (clients, advisors, and service providers) across 10 leading RPA products (including Kofax) reveal that the lack of OCR capabilities is a challenge (see Exhibit 1). Through NDI, Kofax has enhanced its document capture capabilities with Intelligent-OCR, print management, and office productivity software. The hefty $400 million price tag for NDI indicates how important Kofax felt it was to go beyond the existing OCR embedded in its cognitive document automation capabilities and bridge the gap between RPA and intelligent document management.
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