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Tuesday, February 02, 2010
Another Six-Figure Deal for Kofax
Kofax, which has made a fairly well-publicized transition toward more direct sales, today announced another large, six-figure deal. This is one is for $600,000 with a "a major global financial services firm headquartered in the U.S." In a recent conversation with CMO Andrew Pery, he indicated the Irvine, CA-based ISV has increased its number of six figure deals 25-30% since going to a "hybrid sales model" from its former strategy as almost purely channel driven sales. Kofax's six month report is due out soon.
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Yeah, and another 20 person layoff of engineers this week. Something smells rotten...me thinks they need to cut bloated expenses due to all recent $$ sales hires, loss of reseller revenue, and a direct sales team that has not produced. Pure shifting of deals away from channel and to direct, but no NEW business....or, lets not improve our products much, but suck out more cash....Look out below.
I hadn't head of the engineering layoffs, but it's certainly possibly, especially with the ongoing investment in MarkView and the half-year report coming up. There has definitely been some shifting of deals away from the channel, but I wouldn't say there is no new business. The direct sales team has certainly delivered something, but whether or not it has made up for the lower channel revenues is open for debate. On a positive note, the stock value is near its 52-week high and approaching double what it was when it bottomed out in Nov. '08.
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