Top Image Systems Ltd. (TISA)

Top Image Systems was an Israeli software company that developed applications for capturing and processing business documents. Its products, built around the eFLOW platform, took in content from paper, email, mobile devices and electronic files, extracted the data and routed it into business systems such as accounts payable, with minimal manual handling. The company sold in more than 40 countries through distributors, integrators and partners.

Founded in Tel Aviv in the early 1990s, the company listed its shares on Nasdaq under the ticker TISA and also traded in Tel Aviv for a time. It had a significant customer base among banks, insurers and large enterprises in Europe and Asia, but it struggled to grow revenue consistently and reported losses in several years, and its share price fell below one dollar.

On February 4, 2019, Kofax, an intelligent automation software company owned by Thoma Bravo, agreed to acquire Top Image Systems for $0.86 per share in cash, a premium of about 65 percent to the recent average price. Shareholders approved the transaction in the spring of 2019. The acquisition closed on May 6, 2019, and the shares were removed from Nasdaq. The products became part of the Kofax portfolio; Kofax later renamed itself Tungsten Automation.