Monday, April 27, 2015

Kofax buys Media's Altosoft in $13.5M deal

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Kofax buys Media's Altosoft in $13.5M deal

Altosoft Inc., a Media (Delco)-based "developer of business intelligence and analytics software," was purchased March 1 by "smart process applications" maker Kofax PLC of Irvine, Calif., for $13.5 million, and will be run as a Kofax subsidiary, Kofax says here.

Founder Alex Elkin, a Moscow State University graduate who lives in the Boston area, started Altosoft in 2001. Altosoft expanded after collecting a $250,000 investment from state-subsidized Ben Franklin Technology Partners, as I reported in 2008.

Altosoft employees 43 "employees and contractors" in the U.S. and Russia. Chief executive Scott Opitz, who joined Altosoft in 2004 (previously worked for WebMethods/Software AG), has been named a General Manager by Altosoft. Opitz, 53, and Elkin, 47, will remain with the company, Kofax says.

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PhillyDeals posts raw drafts and updates of Joseph N. DiStefano's columns and stories about Philly-area finance, investment, commercial real estate, tech, hiring and public spending, which he's been writing since 1989, mostly for the Philadelphia Inquirer.

DiStefano studied economics, history and a little engineering at Penn, taught writing at St. Joe's, and has written the book Comcasted, more than a thousand columns, and thousands of articles, and raised six children with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

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