Kofax Wants Its 500,000 Shares Back

Kofax Image Products Inc. said Monday it plans to repurchase as many as 500,000 shares, or 9.3%, of its common stock. Irvine-based Kofax said it will use the stock to fund stock-option exercises, employer compensation plans and an employee stock purchase plan.

The company, which supplies document-imaging software and scanner-enhancement products, will make the purchases from time to time in the open market or in blocks.

Kofax shares closed Monday at $7.25, down 25 cents.