Top Image Systems expands its business to China
Leading Israeli innovator of data capture solutions announces it has completed first step in the acquisition of Asiasoft Global Pte Ltd (ASG), by acquiring 51percent of its share capital
Top Image Systems Ltd., the leading Israeli innovator of data capture solutions, announced that it has completed the first step in the acquisition of Asiasoft Global Pte Ltd (ASG), by acquiring 51percent of its share capital.
This is TIS's second acquisition this year and is in line with the management's business goals to become a global document capture market leader, and achieve a revenue run-rate of over $30 million in 2007.
The total price for the initial 51percent of ASG is approximately $1.8 million. TIS retains the option to purchase the balance based on the ASG's performance, for up to about $2 million, within the next 18 months.
Asiasoft is a leading developer and distributor of document capture, content management and shared services software solutions throughout China and Asia Pacific. In the first half of the year, ASG generated revenues in excess of $4 million primarily in China. The acquisition will be accretive from the start, contributing both revenue and net income.
The acquisition of Asiasoft, which has over 300 customers and 150 employees across China, Singapore, Hong Kong and Malaysia, provides TIS with a comprehensive and established infrastructure in the region. It positions TIS as one of the strongest players in the region, by extending its solution sales offering, providing a complete imaging platform.
Top Image Systems intends to use its new base in Asia for aggressive cross-selling activity as well as expansion into new territories.
Reprinted with permission of The Israel Export and International Cooperation Institute
