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Lexmark Buys Data-Capture Software Maker For $148 Million
NEW YORK-Lexmark International Inc. acquired data-capture software maker Brainware Inc. for about $148 million, its latest effort to stave off a long-term decline in printing by offering electronic content-management tools.
The Lexington, Ky., printer has pivoted toward software and exited the consumer market as people increasingly use computers and other electronic devices instead of hard copies of documents. It has ramped up its digital efforts with deals to acquire Perceptive Software in 2010 and Europe’s Pallas Athena last year.
Monday, Lexmark said it paid $148 million in cash for Brainware’s parent company, Luxembourg’s BDGB Enterprise. The target’s tools can extract critical information from paper and electronic documents and shuttles that data to the user’s business computing systems.
The software strategy comes alongside Lexmark’s effort to focus on highly used business printers that lead to better ink and supplies sales. Its earnings have declined in recent quarters due to the consumer-printer exit, but executives have contended the transition will lead to a better business long-term.
Private-equity firm Vista Equity Partners had a majority stake in Brainware.Lexmark shares dipped 0.7% to $35.71 Monday morning amid a decline in the broader market.
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