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In a landmark step, Top Image Systems (News - Alert) (TIS), a provider of Enterprise Content Management (ECM) and Business Process Management (BPM) solutions, as well as Mobile Imaging Platforms (MIPs), has reportedly acquired eGistics.

eGistics’ private cloud solutions are designed to streamline electronic payments by automating every aspect of the transaction, including the capture, management and delivery of documents. The transactions take place in a highly secure and compliant environment. eGistics’ solutions are mostly used by the financial houses and third-party processors in the U.S.

eGistics’ secure and compliant cloud infrastructure  are completely aligned with TIS’ cloud-centric growth strategy. The $18 million deal is expected to support TIS’ growth initiatives and result in significant financial benefits for both the parties. The deal enables both companies to enhance their respective portfolio and cross-sell their complementary products. This in turn is expected to translate into an improved bottom line and stronger market presence for both the companies.

TIS and eGistic are going to leverage each other’s technologies to develop next generation solutions for document and data management, and content-driven business process automation, founder of TIS, Izhak Nakar, revealed in a statement.

“Our combined offering provides cutting-edge technologies that will enable more advanced next generation solutions for document and data management and content-driven business process automation.  In particular, we will be better able to offer solutions leveraging the secure, on-demand cloud-based eGistics’ CloudDocs framework, which offers physical and cyber security, utilizing multiple encryption technologies and best-in-class intrusion detection.   Combining TIS’ industry-leading  enterprise capture and workflow solutions, mobile image processing platform and broad global install base with eGistics’ innovative cloud-based platform and world-class clients in the U.S. financial sector make this a very valuable and positive transaction from strategic, geographic and technological as well as from financial perspectives,” Nakar explained.

Don Dixon, Managing Director and Co-Founder of Trident (News - Alert) Capital, the largest shareholder of eGistics, has joined the TIS Board of Directors.