Top Image Systems (TiS) (Nasdaq: TISA) has signed a definitive agreement to acquire eGistics, a privately-owned provider of cloud-based solutions to the banking and payments market. Under the terms of the agreement, TIS will pay $18 million for the acquisition - 50% in cash and 50% in TIS shares. The acquisition is expected to close in third quarter.
Top Image Systems is an Enterprise Content Management (ECM) and Business Process Management (BPM) solutions and Mobile Imaging Platform (MIP) provider.
Based in Dallas, Texas, eGistics provides advanced image and data solutions that enable business process automation by optimizing the storage, management and delivery of business-critical information across a wide range of applications.
Top Image Systems Founder and Executive Chairman Izhak Nakar said, "This is a milestone acquisition for Top Image Systems, as it creates a compelling combination from strategic, geographic, technological and financial perspectives. Not only will this immediately accretive acquisition accelerate our growth rate and add incremental profitability, but it will also expand our addressable market, accelerate our aggressive expansion in the US, and add a world class installed base of major US customers to whom we can cross-sell a more comprehensive solution, including our high-growth mobile apps. Four of the five top banks in the US, two of the largest remittance processors and several leading US enterprises already trust eGistics for cloud-based document and data management solutions."
Published by Globes [online], Israel business news - www.globes-online.com - on July 8, 2014
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