eGistics

About eGistics

eGistics Inc. operated as a specialized provider of private cloud-based solutions focused on the banking and payments industry before its acquisition. Founded in 1994 and headquartered in Plano, Texas, the company was also previously known as ProvideAccess Inc. The firm carved out a niche by offering services that automated the capture, storage, management, and distribution of business-critical documents and data for its clients.

The company's business model was centered on a Software-as-a-Service (SaaS) framework, which provided recurring subscription-based revenue. This model appealed to a client base that included some of the largest financial institutions and third-party remittance processors in the United States. At the time of its acquisition, four of the top five banks in the U.S. utilized its services. The core of its offering was a secure, on-demand cloud infrastructure designed to handle high-volume paper and electronic transaction processes in a compliant environment. Its primary product, the CloudDocs platform, delivered these capabilities and featured the iRemit remittance management portal, a smart process application for handling remittance processing in the cloud.

A significant milestone in the company's history was its acquisition of Virtual Image Technology in December 2007. This eventually culminated in the company's own acquisition by Top Image Systems (TIS), a provider of Enterprise Content Management (ECM) solutions, on July 16, 2014. The transaction was valued at $18 million, paid as a 50/50 mix of cash and TIS shares. For TIS, the acquisition was a strategic move to gain a secure cloud infrastructure, expand its presence in the U.S. financial market, and add eGistics' blue-chip client roster. For eGistics, the deal provided its clients with access to a broader portfolio of applications, including mobile capture and expanded workflow automation tools.