Thursday, February 11, 2016

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 interviews, drafts and updates that Joseph N. DiStefano writes alongside his Sunday and Monday columns and ongoing articles about Philadelphia-area business.

DiStefano studied economics, history and a little engineering at Penn. He taught writing and research at St. Joe’s. He has written for the Inquirer since 1989, except when he left a few times to work at Bloomberg and elsewhere. He wrote the book Comcasted, and raised six kids with his wife, who is a saint.

Reach Joseph N. at, 215.854.5194, @PhillyJoeD. Read his blog posts at and his Inquirer columns at Bloomberg posts his items at NH BLG_PHILLYDEAL.

Reach Joseph N. at or 215 854 5194.

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