IRVINE, Calif.--(BUSINESS WIRE)--Kofax plc (LSE:KFX), a leading provider of capture driven process automation solutions, today announced it has entered into a new, three year $40 million revolving line of credit facility with Bank of America Merrill Lynch. The credit facility replaces the company’s prior $16 million facility with another bank.
Subject to certain conditions, borrowings under the credit facility can be denominated in US dollars, euros and certain other currencies, can be made in the US and certain other countries and can be increased by an additional $10 million. The credit facility is available for general corporate purposes, including acquisitions. Combined with the company’s existing cash balances, this borrowing capacity significantly increases Kofax’s financial resources for both working capital and growth.
"We’re pleased to have executed this significant increase in our credit facility. Combined with our cash position of approximately $98 million at June 30 and strong balance sheet, this credit facility ensures that we have the financial capacity required to support our strategic growth initiatives," said James Arnold Jr., Chief Financial Officer at Kofax. “Bank of America Merrill Lynch has been very flexible and responsive during this process. They’ve worked with Kofax to structure an agreement that supports our company’s growth today and into the future during the term of the credit facility.”
“We’re pleased to provide credit for Kofax as it continues to explore opportunities for growth,” said Tony Sciarrino, California Coastal Market Executive in Middle Market Banking at Bank of America Merrill Lynch.
About Kofax
Kofax plc (LSE: KFX) is a leading provider of capture driven process automation solutions. For 25 years, Kofax has provided award-winning products that streamline the flow of information throughout an organization by managing the capture of business critical information in paper, fax and electronic formats in a more accurate, timely and cost effective manner. These solutions provide a rapid return on investment to thousands of customers in banking and financial services, insurance, government, business process outsourcing and other markets. Kofax delivers these solutions through its own sales and service organization, as well as through a global network of more than 700 authorized partners in more than 60 countries throughout the Americas, EMEA and Asia Pacific. For more information, visit www.kofax.com.
“Kofax” is a registered trademark in the US, the EU and other regions. All other trademarks and registered trademarks are the property of their respective owners.