Intelligent automation software platform Kofax announced today that it has agreed to acquire intelligent content processing solution provider – and fellow Finovate alum – Top Image Systems (TIS)
The deal, financed entirely with cash on Kofax’s balance sheet, will give TIS shareholders $0.86 per share in cash, representing a 65% markup on Top Image Systems’ volume weighted average price over the past 30 trading days.
Final closing of the transaction is subject to a vote by TIS shareholders – expected early this year – as well as required regulatory approvals.
“We are pleased to announce this transaction with Kofax,” Top Image Systems CEO Brendan F. Reidy said. “The transaction will allow Top Image Systems to continue to provide its innovative content processing and remittance solutions to our customers while benefitting from the substantial resources of Kofax and Thoma Bravo.”
“TIS customers will enjoy single-vendor access to Kofax’s Intelligent Automation solutions that deliver increased efficiency, enabling the human and digital workforces of tomorrow,” Kofax CEO Reynolds C. Bish said. “Leveraging TIS’ SaaS expertise will assist us as we further advance the secure cloud capabilities of our end-to-end Intelligent Automation platform.”
Kofax demonstrated its KYC Automation with RPA solution at FinovateSpring 2016. Founded in 1985 and headquartered in Irvine, California, the company spent $400 million in cash to purchase the imaging division of Nuance back in November. Kofax earned a spot on the Constellation ShortList for Robotic Process Automation last August and in July, the company entered a sales agreement with JIEC to provide RPA and digital transformation solutions.
Kofax was acquired by Lexmark in 2015 in a billion dollar deal. The company was bought by private equity firm, Thoma Bravo, two years later.
Headquartered in Tel Aviv, Israel, Top Image Systems was founded in 1991. The company demonstrated its eFLOW Intelligent Capture solution at FinovateAsia 2018. Back in October, the company announced that Allied Bakeries would use its eFLOW AP for SAP for centralized, automated invoice processing. Earlier in the year, Top Image Systems partnered with a leading Japanese personal care company to provide the firm with its eFLOW Extract accounts payable solution.