Izhak Nakar Steps Down from Position of Active Chairman and Remains Member of Board
Top Image Systems, Ltd. (NASDAQ: TISA) today announced that Mr. Don Dixon has assumed the position of Chairman of the Board of Directors for the Company effective January 1, 2017. Izhak Nakar, Company Founder and Active Chairman of the Board, decided to step down from his position as Active Chairman; Mr. Nakar will retain his membership on the Board and continues to hold a stake in the Company.
With Mr. Dixon agreeing to assume the position of Chairman of the Board and the Company now under the active management of an experienced and professional executive management team, including CEO Brendan Reidy appointed in August 2016 and the CTO, CSO, CFO, CMO and regional Presidents, Mr. Nakar has decided to step down from the position of Active Chairman in order to invest more of his time in managing the other companies in his portfolio and to devote more attention to personal pursuits.
Mr. Dixon, Managing Director of Trident Capital, a major shareholder in Top Image Systems, has extensive experience in transforming and growing shareholder value for the companies in his broad portfolio. He brings his expertise, experience and network to each of his portfolio companies and has helped many to become industry leaders, including Qualys, Merchant e-Solutions, Bytemobile, CSG Systems, and eGistics, Inc. which was acquired by TISA in 2014. Over the course of his career, Mr. Dixon has had successful exits from 36 companies, including serving on the Board of Affiliated Computer Systems which was later sold to Xerox. Don is Co-Chairman of the Advisory Committee of the Princeton University School of Engineering and Applied Sciences and serves on the Advisory Board of the Harvard Kennedy School Center for Public Leadership.
“As a member of the Board of Directors of Top Image Systems, having also served on the Board of Directors of eGistics and having facilitated the acquisition of eGistics by the Company, I am looking forward to providing additional guidance to accelerate the Company’s transformational initiatives, improve its performance and deliver customer and shareholder value,” commented Don Dixon. “I have full faith and confidence in the leadership provided by the Company’s CEO Brendan Reidy and its executive management team to help us achieve the Company’s objectives. Brendan and I have worked together for over 15 years and he has served as CEO of three of our companies, served as an active Board member for other Trident companies and worked with us as a Venture Partner. Most recently, Brendan spearheaded the turnaround of XRS Corp. contributing to a twelve-fold increase in stock price and a highly successful acquisition by Vista Equity Partners.”
Mr. Nakar, who founded the Company and served as its Chairman and CEO and then returned to serve as Active Chairman in 2009, has led the Company in its development of technological innovations and in expanding the Company’s global reach. Upon Mr. Nakar’s return to Top Image Systems in 2009, the Company enjoyed a positive turnaround during which the TISA stock price and market cap increased significantly. He oversaw the Company’s acquisition of eGistics and subsequent strategic investments, investing some $10 million to transform the company by consolidating its product portfolio, moving towards a cloud-based SaaS business model and leveraging the Company’s process automation knowhow to build a suite of capture-driven process automation solutions, starting with enhanced Financial Process Automation (FPA) solutions via on-premise, cloud and mobile delivery models that will serve as a powerful growth engine for the Company in the years ahead.
“Mr. Nakar has made an enormous contribution to the Company as Active Chairman and as a major shareholder to drive revenue growth, profitability and to generate shareholder value for the Company during his tenure. I would like to take this opportunity to extend our deepest appreciation and gratitude for Izhak’s leadership and unwavering commitment to Top Image Systems,” said Don Dixon.
“It has been an honor and a privilege for me to serve as the Company’s Active Chairman,” said Izhak Nakar, Founder and Active Chairman, Top Image Systems. “I have the utmost confidence that the Company is on the right track and that under the leadership of Don Dixon as Chairman, Brendan Reidy as CEO, and with the support of the Board and executive management team, we will further strengthen our market reach and capitalize on our opportunities, increase revenues and profits and meet our commitments to the Company’s shareholders.”