Top Image Systems, Ltd., a leading Enterprise Content Management (ECM) and Business Process Management (BPM) solutions and Mobile Imaging Platform (MIP) provider, today announced that it has completed its acquisition of eGistics, Inc. in a transaction valued at $18 million. TIS paid the purchase price 50% in cash and 50% in TIS shares.
We are pleased to announce that we have closed on this transaction, and we are excited about the opportunity to cross-sell and integrate our complementary product portfolios to grow market share, increase revenues and strengthen our market presence, said Izhak Nakar, Founder and Active Chairman of Top Image Systems. Our combined offering provides cutting-edge technologies that will enable more advanced next generation solutions for document and data management and content-driven business process automation. In particular, we will be better able to offer solutions leveraging the secure, on-demand cloud-based eGistics CloudDocs framework, which offers physical and cyber security, utilizing multiple encryption technologies and best-in-class intrusion detection. Combining TIS industry-leading enterprise capture and workflow solutions, mobile image processing platform and broad global install base with eGistics innovative cloud-based platform and world-class clients in the U.S. financial sector make this a very valuable and positive transaction from strategic, geographic and technological as well as from financial perspectives.
Don Dixon, Managing Director and Co-Founder of Trident Capital, the largest shareholder of eGistics, has joined the TIS Board of Directors.
Canaccord Genuity acted as exclusive financial advisor to Top Image Systems in connection with the transaction and Needham & Company acted as financial advisor to eGistics. Schwell Wimpfheimer & Associates LLP and Choate Hall & Stewart LLP acted as legal advisors to Top Image Systems and Wilson Sonsini Goodrich & Rosati acted as legal advisor to eGistics.