Document capture software specialist Top Image Systems recently announced another strong quarter and a strong conclusion to its 2011 year. The Tel Aviv-based ISV, which sells primarily in Europe, reported 25% revenue growth for the quarter and 32% for the year. This brought its annual revenue to $28.7 million. TIS also reported a non-GAAP net income for the year of $3.4 million, which represented an 82% growth from the previous year. The company now has more than $2 million in the bank and has eliminated its debt.
TIS focuses on the banking, digital mailroom, accounts payable and census markets. TIS reported strong business in Europe, the UK, Latin America and Asia-Pac. It is also planning to open a U.S. sales office to market its mobile technology.
In the earnings press release, CEO Ido Schechter stated, “Looking ahead to 2012, we will continue to execute our long-term growth strategy by focusing on our Digital Mailroom and Banking Platform solutions as well as on our strong global partnerships. For 2012, TISA expects growth of between 17% and 23%, revenues of between $33.5 million and $35.3 million, and Non-GAAP operating income in the range of $4.3 to $4.6 million.”