A high profile global wealth and asset management firm based in Western Europe has shelled out over $4 million for the licenses and services of a Kofax Ltd smart process business application, according to BusinessWire.

The European firm chose Kofax TotalAgility 7.0 and Kofax Analytics to gather and process over 20 million financial files that they get from their clients every year. Its previous data processing system has become outdated and inefficient. In order to continue processing new documents, the company needed to have a newer smart process application, the report explained.

The said company spent around $1.25 million for software licenses and roughly $2.75 million for software maintenance and other related services. The deal was completed in the financial quarter that ended on December 31, the report detailed.

Kofax Executive Vice President of Field Operations Howard Dratler said: "This high profile company manages a massive amount of critical financial information for its customers. It needed an all-encompassing solution to meet its processing needs while providing touchless processing and a very user-friendly interface."