Kofax (LSE: KFX), the leading provider of document driven business process automation solutions, today announced that during April it signed a $4.4 million enterprise license agreement for its document capture software with a major financial services firm based in North America.
The agreement includes $3.8 million of software licenses and is the largest software license sale in the company's history.
The financial services firm will leverage a comprehensive set of Kofax software products and solutions, including Kofax Capture, Kofax Transformation Modules, Kofax Monitor and Kofax Communications Server, to scan and extract data from well over 100 million customer inquiries, mortgage, loan and new account applications and other documents it receives annually. The resulting images and data will be exported into the firm's business process management (BPM) system and archived into its enterprise content management (ECM) repository. The overall solution is expected to accelerate the firm's document processes, reduce costs and increase customer satisfaction.
"Global financial services firms which rely on paper intensive transactional processes are focusing their IT investments on streamlining these mission critical operations throughout their enterprises," said Alan Kerr, Executive Vice President of Field Operations at Kofax. "This significant sale demonstrates the power and value of Kofax solutions to transform cumbersome, paper based processes into an automated system that is fast, accurate, and able to deliver verifiable ROI within twelve months."