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Top Image Systems Recruits U.S Software Industry Veteran Brendan Reidy to the Position of CEO

Top Image Systems Recruits U.S Software Industry Veteran Brendan Reidy to the Position of CEO

Growth-Focused American Executive Engaged to Grow Shareholder Value; Michael Schrader Continues as President Responsible for International Business

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.”