Leading Global Power Management Company Invests $1.1M In Kofax MarkView For AP Automation

Kofax® Limited KFXKFX, a leading provider of smart process applications for the business critical First Mile™ of customer interactions, today announced that one of the largest power management companies in the world has invested an additional $1.1 million in Kofax MarkView® for AP to improve accounts payable operations worldwide. Already a Kofax MarkView for AP user in the US, the power management company decided to standardize on the industry-leading Kofax solution for all service centers across EMEA, APAC and Brazil. MarkView for AP will now provide automated multichannel capture, transformation and workflow for more than two million invoices processed annually by the company. MarkView for AP reporting features will provide additional visibility into each service center, allowing the customer to monitor, evaluate and improve efficiency at both the regional and global level. “The superior multichannel capture technology in Kofax MarkView for AP will enable this customer to process every type of hardcopy and digital invoice, plus handle the unique characteristics of invoices produced in different regions of the world,” said Howard Dratler, Executive Vice President of Field Operations at Kofax. “This is increasingly important in today's global economy. MarkView for AP will dramatically improve efficiency, eliminating manual data entry and validation, and provide certified integration with the customer's Oracle infrastructure. These capabilities are a real game-changer for this company.” Kofax MarkView for AP automates AP operations to significantly reduce cycle times and costs while optimizing process control and cash flow management. The solution provides industry-leading information capture and automates invoice processing and data entry. It includes best practice workflows for discrepancy processing, resolution and accounting details as well as real-time, certified ERP integration for SAP and Oracle E-Business Suite. The sale closed in the second quarter of Kofax's fiscal year 2015 and included over $500,000 in software license revenue and $600,000 in professional services and maintenance. The company is also looking to further leverage its extensive Kofax infrastructure to improve other business processes, starting with accounts receivable.