Feb 4, 2019 --- Joyce Wells
Kofax, a supplier of intelligent automation software for automation and transformation of end-to-end processes, has signed an agreement to acquire Top Image Systems Ltd. (TIS), a provider of intelligent content processing solutions.
Kofax is a portfolio company of private equity investment firm Thoma Bravo.
Under the terms of the agreement, TIS stockholders will receive $0.86 per share in cash for each ordinary share of Top Image Systems, representing a 65% premium over Top Image Systems’ volume weighted average price (VWAP) over the past 30 trading days.
“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,” said Reynolds C. Bish, CEO of Kofax. “Leveraging TIS’ SaaS expertise will assist us as we further advance the secure cloud capabilities of our end-to-end intelligent automation platform.”
The board of directors of TIS has unanimously voted to approve the definitive agreement and to recommend that stockholders approve the transaction.
Closing of the transaction is subject to customary closing conditions, including, among others, the affirmative vote in favor of the transaction by holders of a majority of the Company’s outstanding ordinary shares present and voting at a meeting, and required regulatory approvals. It is anticipated that the special meeting of Top Image Systems’ stockholders to vote on the transaction will be held in early 2019, and, if the transaction is approved, the merger would be expected to close shortly thereafter.
View article on KM World here.