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Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Project Leopard Holdings Inc. (Kofax) and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.
Moody's Investors Service ("Moody's") affirmed Project Leopard Holdings, Inc.'s ("Kofax") ratings including its B2 Corporate Family Rating and B2 senior secured debt ratings after its announced debt upsizing to fund the $400 million acquisition of Nuance Communications Inc.'s document imaging business ("NDI"). The NDI acquisition enhances Kofax's position as a leading provider of capture software and adds to the company's relationships with manufacturers of multifunction printers.