On July 8, 2014, Top Image Systems announced its plan to acquire eGistics, a leading privately-owned provider of cloud-based solutions to the banking and payments market, in a transaction valued at approximately $18 million which is expected to close in Q3.
This is a milestone acquisition for Top Image Systems, as it creates a compelling combination from strategic, geographic, technological and financial perspectives.
A key driver for the acquisition is eGistics' secure and compliant cloud infrastructure, which aligns with TIS' cloud-centric growth strategy. TIS will leverage eGistics' CloudDocs infrastructure to roll out on-demand smart processing applications such as Invoice Processing, Digital Mailroom, Bill Pay, Account Opening, Enrollment, Mortgage Processing and Employee Onboarding (HR), all in the cloud.
A key strength and differentiator for TIS' flagship eFLOW platform is its ability to be easily configured and integrated with a large number of ERP, CRM and line-of-business applications. The acquisition of eGistics will strengthen this competitive advantage, augmenting TIS' ability to develop powerful, on-demand smart process applications with embedded mobile capture functionality on the eFLOW platform within a stable and secure cloud-based environment.
As the intelligent data recognition market moves to the cloud, TIS is well positioned to provide clients with end-to-end cloud-based solutions that combine simplified capture operations, transaction-based pricing and significantly reduced implementation efforts.
Additionally, 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 the United States, adding an office in Dallas and growing its U.S. based headcount to over 65.