Lexmark International Inc. has bought the payday business of Perceptive Software Inc.'s. The total worth of the deal is $280 million.

Percept sold its non-core business so that the company is able to focus on its document management software business, and to be precise to its business processes. The company felt that keeping non-core businesses was hampering the growth of major business.

The money thus required will be paid in form of cash as well as other forms. $22 million will be paid through venture capital investments, which will be given in two rounds.

Morgan Stanley Venture Partners and Peninsula Equity Partners of the Peninsula Ventures are the lead investors in the deal.

This information was given by Greg Ennis, who is partner with Perceptive. He further added that since the technology only allowed the document management business to be at the lower end of the structure, by selling of some of its non-core business, it will help them focus so that the same can be pushed up to the middle level.

And since Lexmark had the better management and technological know how, the business was sold of to them so that they can better use the available resources.