TEL AVIV, Israel and PLANO, Texas, Aug. 31, 2016 (GLOBE NEWSWIRE) -- Top Image Systems, Ltd. (TISA), a global innovator of intelligent content processing solutions, announced today naming Brendan Reidy to the position of Chief Executive Officer. Mr. Reidy is a seasoned executive with a proven track record of success driving rapid growth and increased shareholders’ value within the SaaS software industry.
Mr. Reidy most recently served as President, Chief Operating Officer and Chief Technology Officer of XRS Corporation; following a strategic restructuring at XRS, Mr. Reidy achieved a nearly twelvefold increase in valuation leading to XRS being acquired at a multiple. In parallel Mr. Reidy served as a board member of eGistics for ten years prior to its acquisition by Top Image Systems. Previously Mr. Reidy held the position of Chairman, President and CEO of Clarus Systems, Inc., and before that was a Venture Partner at Trident Capital, for whom at various times he served on the boards of four Trident portfolio companies and held two full-time positions with portfolio companies. He earned an M.B.A. from The Wharton School, University of Pennsylvania, and a B.A. from Stanford University.
“Bringing his sharp focus on sales and operational improvement and his three-decade long proven track record of successful turnarounds in the software industry, as well as significant experience managing mergers and acquisitions, Brendan Reidy is the ideal figure to drive increased growth for Top Image Systems in the United States, our primary market going forward,” commented Izhak Nakar, Founder and Chairman of Top Image Systems. “As we expect the recent launch of our financial process automation (FPA) solution suite to generate the majority of our revenue going forward in the U.S. market, the region which we have identified as our primary growth engine, this is the right time to appoint a U.S.-based CEO to oversee the successful execution of this strategic initiative.”
Mr. Reidy, incoming CEO of Top Image Systems, commented, “I am especially excited to take lead of the Company now when Top Image Systems is at a strategic inflection point, ready to ramp growth and scale. As we launch our cloud-based FPA solution, add new capabilities and amplify our messaging - especially in the U.S. market - that Top Image Systems’ solutions enable the insights which fuel business processes, we are well-positioned to drive increased profitability and create sustainable shareholder value.”
Mr. Reidy succeeds Michael Schrader, who will continue as President of the Company responsible for the Company’s EMEA, APAC and South American business. “Since joining Top Image Systems more than sixteen years ago and bringing the company back to profitability, Michael has continually been key in the development and implementation of the company’s business plans,” remarked Mr. Nakar. “I would like to thank him for his dedication and leadership and I am very pleased that Michael will continue to drive the company’s international business to aid us in achieving our global objectives.”
About Top Image Systems
Top Image Systems™ (TIS™) Ltd. is a global innovator of on premise and cloud-based applications that optimize content-driven business processes such as procure to pay operations, remittance processing, integrated receivables, customer response management and more. Whether originating from mobile, electronic, paper or other sources, TIS solutions automatically capture, process and deliver content across enterprise applications, transforming information entering an organization into useful and accessible digital data, delivering it directly and efficiently to the relevant business system or person for action with as little manual handling as possible. TIS’ solutions are marketed in more than 40 countries through a multi-tier network of distributors, system integrators, value-added resellers and strategic partners. Visit the company's website at https://www.TopImageSystems.com for more information.
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. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results to be materially different from any future results expressed or implied in those forward looking statements. Words such as "will," "expects," "anticipates," "estimates," 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, approval and introduction plans and schedules, rapid technological change, customer acceptance of new products, the impact of competitive products and pricing, the lengthy sales cycle, proprietary rights of TIS and its competitors, risk of operations in Israel, government regulation, litigation, 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.
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Source:Top Image Systems Ltd.