$40 Million Facility Enhances Financial Position

IRVINE, CA -  Kofax plc, 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.