170 Systems Sold to Kofax

Wade Roush9/8/09

Irvine, CA-based Kofax (LSE: KFX), which helps businesses digitize paper-based work flows, said today that it has acquired 170 Systems, a Bedford, MA, startup that makes software for automating accounts payable, accounts receivable, and other financial processes. Polaris Venture Partners of Waltham, MA, put $14 million into 170 Systems back in 2002. Kofax said it paid a net of $32.9 million in cash and notes for the startup, which had $10.1 million cash on hand.

Wade Roush is Xconomy's chief correspondent and editor of Xconomy San Francisco. You can e-mail him at wroush@xconomy.com or follow him on Twitter at twitter.com/wroush.