Company:Lexmark

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Lexmark International, Inc.
TypePrivate
NYSE: LXK (1995–2016)
ISINUS5297711070
IndustryComputer industry
PredecessorIBM Information Products Corporation
FoundedMarch 27, 1991; 34 years ago (1991-03-27)
FounderIBM
Headquarters
Lexington, Kentucky
,
United States
Area served
Worldwide
Key people
Products
RevenueIncrease US$3.711 billion (2014)[1]
Decrease US$149.2 million (2014)[1]
Decrease US$79 million (2014)[1]
Total assetsIncrease US$3.633 billion (2014)[1]
Total equityDecrease US$1.281 billion (2014)[1]
Number of employees
13,000 (Nov 2025)[2]
ParentXerox
Websitewww.lexmark.com
Lexmark X738de, multifunction color laser printer

Lexmark International, Inc. is an American company that manufactures laser printers and imaging products.[3] Founded in 1991, it is headquartered in Lexington, Kentucky.

From 2016 to 2025, the firm was controlled for nine years by a consortium formed by three multinational companies: Ninestar (formerly Apex Technology),[4] PAG Asia Capital, and Legend Capital.[5] On July 1, 2025, it was acquired in full by Xerox for US$1.5 billion.[6]

History

Lexmark was formed on March 27, 1991, when investment firm Clayton & Dubilier completed a leveraged buyout of IBM Information Products, the printer, typewriter, and keyboard operations of IBM.[7][8][9][10][11]

On November 15, 1995, Lexmark became a publicly traded company on the New York Stock Exchange.[12] By 2016, the firm struggled to keep corporate clients that are cutting costs and the consumers who are shifting to mobile devices from personal computers.

In April 2016, it was reported that Lexmark would be taken private by Apex Technology and PAG Asia Capital for US$3.6 billion,[13] in a transaction that valued it at $40.50 per share.[14] The first purchase discussions began at the Remax World Expo in 2015.[15]

After closing the deal in November, the firm stated that it would maintain its headquarters in Lexington, and that its enterprise software line of business would be spun off and "rebranded" to Kofax.[16][17] As part of the sale, the Perceptive business unit of Lexmark's Enterprise Software Services division was sold to the private equity firm Thoma Bravo (excluding non-Kofax branded document management products).

In addition to completing the aforementioned transaction, Thoma Bravo also agreed to sell the Perceptive business unit to Hyland Corporation.[18] While Kofax-branded applications remained with Lexmark, other document management systems like Perceptive Content and NolijWeb and products like Intelligent Capture (formerly "Brainware") and Enterprise Search (formerly "ISYS") were absorbed by Hyland.[19]

On December 23, 2024, the firm announced that Xerox would acquire it, in a deal expected to close in the second half of the following year.[20] After the acquisition was completed in July 2025,[21] Xerox COO John Bruno said that his company would continue to use the Lexmark name for an "undetermined amount of time" but ultimately plans to discontinue it, merging its product lines with Xerox's own.[22]

Operations

The firm has its corporate headquarters in Lexington, while also having R&D offices distributed globally and R&D facilities located in Longmont, Colorado, US; Lenexa, Kansas, US; Cebu, Philippines; Kolkata, India; Berlin, Germany; Stockholm, Sweden[23] and Irvine, California, US.[24]

With over 13,000 employees worldwide as of November 2025, the company has offices throughout North America and South America, Asia, Africa and Europe.

Acquisitions

  • May 2010: it acquired Perceptive Software for $280 million to build upon its software offerings.[25] PS was a software firm that developed enterprise content management ("Perceptive Content", ″ImageNow") and document output management applications.
  • 2011: Based in the Netherlands, Pallas Athena was acquired in a transaction valued at approximately US$50.2 million,[26] adding business process management software, document output management, and process mining capabilities to Lexmark's services.
  • March 2012: Acquisition of Luxembourg-based BDGB Enterprise, including its subsidiary Brainware, for US$148 million.[27] Brainware's intelligent data capture platform extracted critical information from paper and electronic documents, validated the extracted data, and passed it on to clients' data management systems, enterprise resource planning (ERP), and/or financial management systems.
  • March 2012: it acquired Australia-based ISYS Search Software and U.S.-based Nolij Corporation, both for $32 million.[28] ISYS built enterprise search solutions and Nolij developed Web-based document imaging and workflow software.
  • January 2013: acquisition of Acuo Technologies, a Minnesota-based developer of medical imaging document management software, for $45 million.[29]
  • March 2013: acquisition of AccessVia and Twistage for approximately $31.5 million.[30]
  • August 2013: agreement signed to acquire Saperion AG, a German developer and provider of enterprise content management and business process management (BPM) software in Europe, for $72 million.[31]
  • October 2013: acquisition of PACSGEAR for approximately $54 million.[32]
  • September 2014: acquisition of ReadSoft, a Stockholm-based provider of applications for automating business processes, for $251 million.[33][34]
  • May 2015: it announced the $1 billion acquisition of Kofax,[35] an Irvine, California-based provider of smart process applications. They combined capture, process management, analytics and mobile capabilities to organizations.[24] This line of business was, in turn, spun off from Lexmark when it was acquired by Apex Technology in November 2016.[16]

Divestitures

1996: keyboard factory

In 1996, Lexmark International was prepared to shut their Lexington keyboard factory where they produced Model M buckling-spring keyboards. Despite being the original designer, patent holder, and main customer, IBM decided to remove the Model M from its product line in favor of cheaper Asian-made rubber-dome keyboards.

In an attempt to prevent its production from ceasing, a group of former IBM and Lexmark employees acquired the factory located in Lexington. In April of that year, the business was re-established as Unicomp, making its own modernized versions of the Model M keyboards.

2012-13: inkjet printer line

In August 2012, Lexmark announced that it would stop production of its inkjet printer line.[36][37] In April 2013, Funai Electric Company, Ltd. announced that it had signed an agreement to acquire Lexmark's inkjet technology and assets for approximately $100 million (approximately ¥9.5 billion).

Funai acquired more than 1,500 inkjet patents, Lexmark's inkjet-related research and development assets and tools, all outstanding shares and the manufacturing facility of Lexmark International (Philippines), Inc., and other inkjet-related technologies and assets.[38]

Lexmark pioneered the use of profits from ink cartridges as a business model, with the result of modifying the legal models of product ownership and patent exhaustion over several years.[39]

Arizona Cartridge Remanufacturers Ass'n Inc. v. Lexmark International Inc., also referred to as ACRA v. Lexmark, was a 2005 decision by the United States Court of Appeals for the Ninth Circuit, which ruled that an End User License Agreement on a physical box can be binding on consumers who signal their acceptance of the agreement simply by opening the box. The decision holds that Lexmark can enforce the "single use only" policy written on the side of Lexmark printer cartridge boxes sold to large customers at a discount, with the understanding that the customers will return the cartridges to Lexmark after using them (so that the cartridges would not be diverted, refilled, and then resold), or else face legal liability for not returning them to the company as agreed.

Lexmark had introduced various authentication mechanisms into their printers that rejected third-party cartridges and resisted any attempt to refill spent ones. ACRA, a consumer group representing manufacturers of third-party authentication microchips and third-party ink and toner cartridges, had challenged this policy as deceptive and unenforceable. The Ninth Circuit disagreed, allowing Lexmark to prevent the use of third-party cartridges and the re-use of empty ones. These restrictions are achieved with a combination of encryption hardware within the cartridges and printer firmware that attempts to verify their authenticity as being first-party (i.e. manufactured or distributed by Lexmark). The firmware tracks cartridge ink levels, and will permanently disable any cartridge that it has determined to have been refilled, regardless of whether it actually has been.

Subsequent challenges to the "single use only" policy were more successful. Lexmark lost the Supreme Court case Impression Products, Inc. v. Lexmark International, Inc., in a 7–1 ruling that partially reversed and remanded the Ninth Circuit decision in ACRA v. Lexmark on May 30, 2017:

The decision holds that Lexmark cannot sue third-party manufacturers or resellers for patent infringement; notably, it does not mean that Lexmark cannot use firmware to detect, reject or disable third-party ink cartridges or attempted refills. As of 2024, the company continues to do so.

In 2023, Ninestar, a majority owner of Lexmark, was banned from importing goods into the United States under the Uyghur Forced Labor Prevention Act.[41] While Lexmark claimed their investors had no operational control over Ninestar, they did not respond to whether Lexmark sources products from Ninestar.[42]

Logos

  • 1991–2015
    1991–2015
  • 2015–2025
    2015–2025
  • 2025–present
    2025–present

References

  1. ↑ 1.0 1.1 1.2 1.3 1.4 "2014 Form 10-K, Lexmark International, Inc.". United States Securities and Exchange Commission. https://www.sec.gov/Archives/edgar/data/1001288/000100128815000013/form10k.htm. 
  2. ↑ "Careers". https://www.lexmark.com/en_in/about-us/careers.html. 
  3. ↑ "Company Overview" (in en-US). https://www.lexmark.com/en_us/about/company.html. 
  4. ↑ "Apex Technology changes name to Ninestar Corp". https://www.reuters.com/article/technology/apex-technology-changes-name-to-ninestar-corp-idUSL4N1IS1OJ/. 
  5. ↑ Lexmark (November 29, 2016). "Lexmark announces completion of acquisition by Apex Technology and PAG Asia Capital". http://newsroom.lexmark.com/2016-11-29-Lexmark-announces-completion-of-acquisition-by-Apex-Technology-and-PAG-Asia-Capital. 
  6. ↑ "Xerox Completes the Acquisition of Lexmark, Uniting Two Industry Leaders" (in en). Xerox. https://www.news.xerox.com/news/xerox-completes-the-acquisition-of-lexmark-uniting-two-industry-leaders. 
  7. ↑ "Lexmark celebrates history of excellence, innovation at 20-year anniversary". PR Newswire. March 27, 2011. http://newsroom.lexmark.com/newsreleases?item=30894. 
  8. ↑ "Customs Ruling HQ 544887". U.S. Customs and Border Protection. October 2, 1992. http://rulings.cbp.gov/detail.asp?ru=544887&ac=pr. 
  9. ↑ "Lexmark International Group 1996 annual report, SEC Form 10-K". Advameg. March 24, 1997. http://getfilings.com/o0001001288-97-000006.html. 
  10. ↑ "IBM Archives: 1991". January 23, 2003. http://ibm.com/ibm/history/history/year_1991.html. 
  11. ↑ Lewis, Peter H. (December 22, 1991). "The Executive Computer; Can I.B.M. Learn From a Unit It Freed?". The New York Times. http://query.nytimes.com/gst/fullpage.html?res=9D0CE2D9173CF931A15751C1A967958260. 
  12. ↑ "LXK stock quote - Lexmark International, Inc. stock price". NASDAQ.com. http://www.nasdaq.com/symbol/lxk. 
  13. ↑ Sullivan, Lawrence R. (2017) (in en). Historical Dictionary of the Chinese Economy. Lanham, MD: Rowman & Littlefield. pp. 379. ISBN 978-1-5381-0853-6. 
  14. ↑ "Details Disclosed for Lexmark Acquisition Deal". RT Recycling Times. April 21, 2016. http://www.irecyclingtimes.com/index.php?route=news/news_column/article&news_column_id=8&news_id=6412. 
  15. ↑ "Former Lexmark Executive Reveals Deal with Ninestar-Apex". RT Recycling Times. April 20, 2016. http://www.irecyclingtimes.com/index.php?route=news/news_column/article&news_column_id=17&news_id=6408. 
  16. ↑ 16.0 16.1 Truman, Cheryl (November 29, 2016). "Lexmark acquisition completed: Rooke out, company exits software business". Lexington Herald-Leader. http://www.kentucky.com/news/business/article117672023.html. 
  17. ↑ Natarajan, Sridhar; Ronalds-Hannon, Eliza; Chan, Cathy (April 3, 2018). "Two Years After Chinese Buyout, Lexmark Bonds Show Junk Risk". Bloomberg. https://www.bloomberg.com/news/articles/2018-04-03/two-years-after-a-chinese-buyout-plunging-bonds-show-junk-risk. 
  18. ↑ "Hyland Software agrees to acquire Lexmark's Perceptive portfolio". Cleveland.com. May 3, 2017. http://www.cleveland.com/business/index.ssf/2017/05/hyland_software_agrees_to_acqu.html. 
  19. ↑ Hein, Jen (May 3, 2017). "Hyland, creator of OnBase, has entered definitive agreement to acquire the Perceptive portfolio". https://naviant.com/hyland-officially-acquires-perceptive/. 
  20. ↑ "Xerox to Acquire Lexmark" (in en). https://newsroom.lexmark.com/2024-12-23-Xerox-to-Acquire-Lexmark. 
  21. ↑ Hansen, Piper (July 2, 2025). "The $1.5 billion Xerox-Lexmark deal is now final. Here's how it came to be". Lexington Herald-Leader. https://www.kentucky.com/news/business/article309857165.html. 
  22. ↑ James, Josh (July 2, 2025). "It's a done deal. Xerox acquisition of Lexington-based Lexmark is complete". WUKY.org. National Public radio. https://www.wuky.org/wuky-news/2025-07-02/its-a-done-deal-xerox-acquisition-of-lexington-based-lexmark-is-complete. 
  23. ↑ "Lexmark 2014 Annual Report". Lexmark International, Inc.. http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9NTcxODk3fENoaWxkSUQ9Mjc0ODQ0fFR5cGU9MQ==&t=1. 
  24. ↑ 24.0 24.1 "About Us - Kofax". http://www.kofax.com/company/about-us. 
  25. ↑ "Lexmark Newsroom - News Releases". Newsroom.lexmark.com. May 21, 2010. http://newsroom.lexmark.com/index.php?s=13630&item=23833. 
  26. ↑ "Lexmark acquires Pallas Athena - LEXINGTON, Ky., Oct. 18, 2011 /PRNewswire/" (Press release). Prnewswire.com. Retrieved April 22, 2013.
  27. ↑ "Lexmark acquires Brainware - Mar 5, 2012". Newsroom.lexmark.com. http://newsroom.lexmark.com/index.php?s=13630&item=122999. 
  28. ↑ "Lexmark acquires ISYS Search Software and Nolij - Mar 19, 2012". Newsroom.lexmark.com. http://newsroom.lexmark.com/index.php?s=13630&item=124750. 
  29. ↑ "Lexmark acquires Acuo Technologies - Jan 2, 2013". Newsroom.lexmark.com. January 2, 2013. http://newsroom.lexmark.com/2013-01-02-Lexmark-acquires-Acuo-Technologies. 
  30. ↑ "Lexmark acquires Twistage and AccessVia". Newsroom.lexmark.com. March 5, 2013. http://newsroom.lexmark.com/2013-03-05-Lexmark-acquires-Twistage-and-AccessVia. 
  31. ↑ "Lexmark announces agreement to acquire Saperion". http://newsroom.lexmark.com/2013-08-20-Lexmark-announces-agreement-to-acquire-Saperion. 
  32. ↑ "Lexmark acquires PACSGEAR". http://newsroom.lexmark.com/2013-10-03-Lexmark-acquires-PACSGEAR. 
  33. ↑ Big acquisition brings Perceptive Software opportunity and layoffs Bizjournals.com, September 19, 2014
  34. ↑ "Even Better Invoice Processing. ReadSoft is now Lexmark.". http://us.readsoft.com/about-us/who-we-are/facts-figures-and-history. 
  35. ↑ "Lexmark completes acquisition of Kofax, announces Enterprise Software leadership change". http://newsroom.lexmark.com/2015-05-21-Lexmark-completes-acquisition-of-Kofax-announces-Enterprise-Software-leadership-change. 
  36. ↑ "Lexmark announces restructuring". Lexmark. August 28, 2012. http://newsroom.lexmark.com/2012-08-28-Lexmark-announces-restructuring. 
  37. ↑ "Lexmark to exit inkjet printer market". pcpro.co.uk. August 28, 2012. http://www.pcpro.co.uk/news/376615/lexmark-to-exit-inkjet-printer-market. 
  38. ↑ "Funai acquiring Lexmark's inkjet-related technology and assets". Newsroom.lexmark.com. April 1, 2013. http://newsroom.lexmark.com/2013-04-01-Funai-acquiring-Lexmarks-inkjet-related-technology-and-assets. 
  39. ↑ Duan, Charles (October 21, 2016). "How a Printer Company Redefined Ownership; Lexmark's strategy has changed the rules about what you can do with something you 'bought.'". Slate. http://www.slate.com/articles/technology/future_tense/2016/10/how_lexmark_is_redefining_ownership.html. 
  40. ↑ Impression Products, Inc. v. Lexmark International, Inc., 30 May 2017
  41. ↑ Cushing, Oliver. "From batteries to spices, the companies banned from importing to the US on forced labour grounds in 2023… so far. | RightsDD". https://www.rightsdd.com/posts/from-batteries-to-spices-the-companies-banned-from-importing-to-the-us-on-forced-labour-grounds-in-2023-so-far. 
  42. ↑ Vanderford, Richard (9 June 2023). "U.S. Puts Chinese Company With Kentucky Ties on Forced Labor Ban List". Dow Jones & Company. https://www.wsj.com/articles/u-s-puts-chinese-company-with-kentucky-ties-on-forced-labor-ban-list-ce2e8d00. 



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