Lexmark
| Company type | Public (until 2016), Private (2016–2025), Subsidiary (2025–present) |
|---|---|
| Industry | Laser printers and imaging solutions |
| Predecessor | IBM Information Products Corporation’s printer, typewriter, and keyboard segments |
| Founded | March 27, 1991 in Lexington, Kentucky, United States |
| Founder | Clayton & Dubilier (via leveraged buyout) |
| Fate | Acquired by Xerox in 2025 |
| Successor | Xerox |
| Headquarters | Lexington , United States |
Area served | Worldwide |
Key people | John Bruno (Xerox COO, as of 2025) |
| Products | Laser printers, imaging solutions, enterprise software (formerly) |
| Owner | Xerox (since 2025) |
Number of employees | 9,000 (2018) |
| Parent | Xerox (since 2025) |
| Website | www |
Lexmark International, Inc. is a U.S.-based producer of laser printers and imaging solutions, with its main office located in Lexington, Kentucky. Between 2016 and 2025, ownership was shared among a group of investors including Ninestar (previously Apex Technology), PAG Asia Capital, and Legend Capital. In 2025, Xerox completed its acquisition of Lexmark for $1.5 billion.
History
Lexmark originated on March 27, 1991, following a leveraged buyout by the investment firm Clayton & Dubilier of IBM Information Products Corporation’s printer, typewriter, and keyboard segments. The company debuted on the New York Stock Exchange under the ticker NYSE:LXK on November 15, 1995.
By 2016, Lexmark encountered difficulties in maintaining its corporate customer base due to budget reductions and a consumer market increasingly favoring mobile technology. In April 2016, plans were announced for Lexmark to become a private entity through a $3.6 billion purchase by Apex Technology (now Ninestar) alongside PAG Asia Capital, at a price of $40.50 per share. Initial negotiations took place during the Remax World Expo in 2015. The transaction finalized on November 29, 2016, with headquarters staying in Lexington. Concurrently, Lexmark separated its enterprise software division and rebranded it as Kofax.
Within the transaction framework, Lexmark’s Perceptive Business Unit—which included document management products outside of Kofax—was sold to Thoma Bravo, who later transferred it to Hyland Corporation. Applications under the Kofax brand remained with Lexmark; meanwhile, other products such as Perceptive Content, NolijWeb, Intelligent Capture (formerly Brainware), and Enterprise Search (formerly ISYS) were integrated into Hyland’s portfolio.
On December 23, 2024, Lexmark revealed that it would be acquired by Xerox from Ninestar and PAG Asia Capital, with the deal anticipated to conclude during the latter half of 2025. This acquisition was completed on July 2, 2025. Xerox’s COO John Bruno indicated that the Lexmark name would persist for an "undetermined amount of time" before gradually being phased out as its product lines are merged into Xerox’s offerings.
Operations
Lexmark’s headquarters remain in Lexington. The company operates research and development centers worldwide—in Longmont, Colorado; Lenexa, Kansas; Cebu in the Philippines; Kolkata in India; Berlin in Germany; Stockholm in Sweden; and Irvine, California. It maintains offices across continents including North and South America, Asia, Africa, and Europe. As of July 2018, Lexmark employed roughly 9,000 personnel globally.
Acquisitions
- In May 2010, Lexmark expanded its enterprise content management and document output management capabilities by acquiring Perceptive Software for $280 million.
- The acquisition of Netherlands-based Pallas Athena in 2011 for about $50.2 million added business process management and process mining software to Lexmark’s portfolio.
- In March 2012, Luxembourg-based BDGB Enterprise along with its U.S. subsidiary Brainware were acquired for approximately $148 million; Brainware’s intelligent data capture technology integrated essential document data with ERP and financial platforms.
- Also in March 2012, Lexmark purchased Australia’s ISYS Search Software and U.S.-based Nolij Corporation for a combined $32 million. ISYS specialized in enterprise search solutions while Nolij focused on web-based document imaging and workflow software.
- January 2013 saw Lexmark acquire Acuo Technologies from Minnesota for $45 million to broaden its medical imaging document management offerings.
- In March 2013, AccessVia and Twistage were acquired together for $31.5 million.
- August 2013 brought the purchase of Germany’s Saperion AG for $72 million, enhancing European enterprise content management and BPM software capabilities.
- October 2013 involved acquiring PACSGEAR for roughly $54 million to improve connectivity solutions related to medical image management and electronic health records.
- In September 2014, Stockholm-based ReadSoft was acquired for $251 million to strengthen financial process automation software with both on-premises and cloud-based options.
- Finally, in May 2015, Lexmark completed the acquisition of Kofax for nearly $1 billion. Kofax offered intelligent process applications integrating capture technology, process management, analytics, and mobile features. This segment was later spun off when Lexmark was purchased by Apex Technology in November 2016.
Divestitures
- In August 2012, Lexmark declared its decision to discontinue manufacturing inkjet printers. Subsequently, in April 2013, Funai Electric Company, Ltd. purchased Lexmark’s inkjet technology and related assets for around $100 million (¥9.5 billion). This acquisition encompassed more than 1,500 patents, research and development resources, the Lexmark International (Philippines), Inc. production facility, and associated technological assets.
- Following IBM’s discontinuation of the Model M keyboard in 1996, former employees from both Lexmark and IBM acquired Lexmark’s Lexington keyboard manufacturing plant. They then reestablished the business as Unicomp, continuing to produce modernized iterations of the Model M keyboard.
Legal cases
Lexmark developed a business strategy centered on generating revenue through ink cartridge sales, shaping legal perspectives on product ownership and the exhaustion of patent rights.
In Arizona Cartridge Remanufacturers Ass'n Inc. v. Lexmark International Inc. (2005), the court upheld Lexmark’s policy restricting discounted printer cartridges sold to large clients to "single use only." This decision enforced return agreements designed to prevent third parties from refilling and reselling cartridges. To support this policy, Lexmark incorporated authentication mechanisms within its printers, utilizing encryption in hardware and firmware that disables cartridges once refilled.
Later, in Impression Products, Inc. v. Lexmark International, Inc. (2017), the Supreme Court ruled 7–1 against Lexmark’s claims of patent infringement concerning resold cartridges, confirming that patent rights are exhausted after an authorized sale. Nonetheless, this judgment did not bar Lexmark from employing firmware to identify or deactivate third-party cartridges or refills—a tactic the company maintains as of 2024.
In 2023, Ninestar, which holds a majority stake in Lexmark, was prohibited from importing goods into the United States under the Uyghur Forced Labor Prevention Act. While Lexmark asserted that its investors do not exercise operational control over Ninestar, it did not provide details regarding whether it sources products from Ninestar.