Lexmark buying business software brand Kofax for $1 billion

The deal marks one of Lexmark's biggest plays since buying Germany-based software firm ​Saperion for about $72 million in 2013.

Mergers and acquisitions are rampant in the tech world, reaching a fever pitch on Tuesday.

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The biggest of them all today (so far) stems from Lexmark, a brand most synonymous with printers but has also been undergoing image and strategic shifts over the last few years.

The printer maker and document solutions provider will be buying Kofax, a business process management firm based in Southern California, in a transaction worth approximately $1 billion.

Goldman Sachs has been tapped as Lexmark's exclusive financial advisor to Lexmark with Lazard serving in the same capacity for Kofax.

The deal is expected to close during the second quarter of 2015.

The deal marks one of Lexmark's biggest plays since buying Germany-based software firm Saperion for about $72 million in 2013.

Upon completion, Lexmark boasted the deal will effectively double the size of its enterprise software business worth an estimated $700 million.

Founded in 1985, Kofax comes with more than 20,000 customers worldwide, including 80 on the Fortune Global 100 list, with 850 channel partners globally. Kofax produced $297 million in revenue in 2014.

Aiming to take the lead in the content and process management software vertical, Lexmark plans to integrate Kofax's smart process applications with its Perceptive Intelligent Capture transcript processing technology to serve a wider swath of capture solutions on the market, suggesting a range from mobile devices to smart scanners and printers.

Earlier on Tuesday, Intuit aimed to answer on-demand marketplace contractors and bolster its new spinoff QuickBooks Online Self-Employed software through the acquisition of Playbook HR.

Marketing software maker HubSpot will also be giving its data troves a heavy infusion with the purchase of Google Ventures-backed social media startup Rekindle.