TEL AVIV, Israel, Feb. 3, 2009 (GLOBE NEWSWIRE) -- Top Image Systems Ltd. (TIS) (Nasdaq:TISA) (TASE:TISA), the leading innovator of data capture solutions, announced that it has completed the second and final step in the acquisition of TIS APAC (formerly known as Asiasoft Global Pte. Ltd. ("ASG")), by acquiring the remaining 49% of its share capital.
In July 2007, TIS announced the acquisition of 51% of ASG which name was changed, a year later, to TIS APAC. As part of the original acquisition, TIS was given an 18 month option to purchase the balance of the TIS APAC's shares for a purchase price to be determined based on its business results and has recently decided to exercise that option. As consideration for the TIS APAC shares purchased by it, TIS issued Alex Toh Kian Hong the seller of these shares 400,000 shares of common stock of TIS.
This acquisition is in line with the management's business goals to become a global document capture market leader, and strengthen the Company's footprint in the Pacific Rim. With this acquisition, TIS becomes the sole owner of the largest EDM technology provider in the Asia Pacific region, the fastest growing imaging market.
Over the past months since TIS acquired 51% of TIS APAC, the two lines of businesses have been integrated into one, operational, profitable business. TIS APAC's operation, which included over 300 customers and 150 employees across China, Singapore, Hong Kong and Malaysia, provided TIS with a comprehensive and established infrastructure in the region. It positioned TIS as one of the strongest players in the region, by extending its solution sales offering, providing a complete imaging platform. TIS have been using its new base in Asia for aggressive cross-selling activity as well as expansion into new territories.
About Top Image Systems
Top Image Systems 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 the content to applications that drive the organization. TIS's eFLOW Unified Content Platform is a common platform for the company's solutions. TIS markets its platform in more than 30 countries through a multi-tier network of distributors, system integrators, value added resellers as well as strategic partners. Visit the company's website www.TopImageSystems.com for more information.
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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, particularly statements regarding future operating or financial performance. Words such as "will," "expects," "anticipates," "estimates," "intends," "believes," "plans" 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, risks in product development plans and schedules, rapid technological change, changes and delays in product approval and introduction, customer acceptance of new products, the impact of competitive products and pricing, market acceptance, the lengthy sales cycle, proprietary rights of TIS and its competitors, risk of operations in Israel, government regulation, dependence on third parties to manufacture products, quarterly fluctuations in sales of products in the Data Capture market (where in general the fourth quarter is the strongest and the first quarter is the weakest), TIS's ability to successfully integrate businesses it acquires, litigation (including litigation over intellectual property rights), general economic conditions and other risk factors detailed in the Company's most recent annual report on Form 20-F and other subsequent filings with the United States Securities and Exchange Commission. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.