Acquisition to deliver on numerous TIS strategic growth initiatives:
•Reinforce growth of TIS Americas via additional U.S. office and tripling of U.S. headcount to over 65•Extend cloud and SaaS capabilities•Bring major customers including 4 of top 5 U.S. banks•Expand addressable market opportunity through alignment of complementary product offerings•Enable new solutions and increase subscription-based revenues by combining the TIS eFLOW® platform and mobile imaging functionalities with the eGistics product line
Transaction to provide meaningful financial benefits:
•eGistics 2013 revenues of
"This is a milestone acquisition for
Cloud-based Solutions that Complement TIS Offerings
A key driver for the acquisition was eGistics' secure and compliant cloud infrastructure, which aligns with TIS' cloud-centric growth strategy. TIS will leverage eGistics' cloud-based on-demand CloudDocs infrastructure to roll out on-demand smart processing applications for processes such as Invoice Processing, Digital Mailroom, BillPay, Account Opening, Enrollment, Mortgage Processing and Employee Onboarding (HR), all in the cloud. Following the acquisition, TIS will extend its software portfolio to include additional smart process applications for banking and payment processing, while in parallel offering eFLOW INVOICE, Digital Mailroom and TIS mobile imaging applications to the existing eGistics' customer base. These cloud-based applications will further promote TIS' mobile imaging solutions by easily integrating them with the CloudDocs infrastructure, where TIS will host eFLOW for efficient backend processing.
"This transaction will also provide TIS with an additional distribution vehicle for offering our native mobile capture applications to large U.S. financial institutions which we did not have before, creating a significant business opportunity," explains
"Not only does eGistics share a synergistic customer base with TIS, but also a common technology stack that we can build upon to further revenue growth for the combined company," commented
"We are excited about the combination of eGistics' cutting-edge cloud platform and blue chip clients in the U.S. financial sector with TIS' best-in-class enterprise capture and workflow solutions, mobile imaging portfolio and diverse global installed base," stated
Strengthens TIS Presence in Strategically Important U.S. Market
The acquisition of eGistics will significantly expand TIS' presence in the U.S. The combined company expects to grow revenues by cross-selling native solutions to the existing installed base. In addition, the combination will expand the physical presence of TIS in
"As a result of this powerful strategic combination, TIS Americas will be the largest business unit in terms of revenues," added
Canaccord Genuity acted as exclusive financial advisor to
About eGistics, Inc.
eGistics is a leading provider of private cloud solutions that streamline payments business processes. The eGistics private cloud solution automates the capture, management and delivery of documents and data in a highly secure, highly scalable and compliant environment. Today, the eGistics private cloud solution supports paper and electronic transaction processes for many of the largest financial institutions and third-party processors in the U.S. To learn more, visit www.egisticsinc.com.
Top Image Systems™ (TIS™) Ltd. is a leading innovator of enterprise solutions for managing and validating content entering organizations from various sources. Whether originating from mobile, electronic, paper or other sources, TIS' solutions deliver content across enterprise applications. TIS' eFLOW Platform is a common platform for the company's solutions which is marketed in more than 40 countries through a multi-tier network of distributors, system integrators, value-added resellers and strategic partners. Visit the company's website at http://www.TopImageSystems.com for more information.
Caution Concerning Forward-Looking Statements
Certain matters discussed in this news release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results to be materially different from any future results expressed or implied in those forward looking statements. Words such as "will," "expects,", "anticipates," "estimates," and words and terms of similar substance in connection with any discussion of future operating or financial performance identify forward-looking statements. These statements are based on management's current expectations or beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially including, but not limited to, the satisfaction of the closing conditions in the acquisition agreement, the timing of the closing of the acquisition, the ability to retain the customers, employees and business relationships of eGistics after the closing, risks in product development, approval and introduction plans and schedules, rapid technological change, customer acceptance of new products, the impact of competitive products and pricing, the lengthy sales cycle, proprietary rights of TIS and its competitors, risk of operations in
CONTACT: TIS Company Press Contact:
Randy DaviseGistics, Inc. firstname.lastname@example.org +1 214 256 4635 TIS Company Press Contact: Shelli Zargary Director of Corporate Marketing and Investor Relations, Top Image Systems Ltd.email@example.com +972 3 767 9114 TIS Investors: James CarbonaraRegional Vice President, Hayden IR firstname.lastname@example.org + 1 646 755 7412