Software platform Kofax to acquire Top Image Systems
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 TIS’ 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.
Top Image Systems CEO Brendan F. Reidy says: “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.”
Kofax CEO Reynolds C. Bish adds: “Leveraging TIS’ Software-as-a-Service (SaaS) expertise will assist us as we further advance the secure cloud capabilities of our end-to-end intelligent automation platform.”
Founded in 1985 and headquartered in California, Kofax spent $400 million in cash to purchase the imaging division of Nuance back in November. 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, TIS was founded in 1991.