Israel Company Top Group Acquires Human Process Management Startup ActionBase for 4 Million Shekels

By Joel Leyden
Israel News Agency

Ra'anana, Israel ---- April 7, 2011 ...... The Israel software and IT services TOP Group, reported to the Tel Aviv Stock Exchange that it has signed an agreement to acquire all the shares of Israel startup ActionBase Ltd. for a cumulative credit line of up to 4 million Israeli Shekels. The deal is expected to be completed by June 2011.

ActionBase, which develops Human Process Management solutions, has experienced difficulties in recent years, despite raising several millions of dollars for Israel VC firms in 2009, a period in which IT spending was substantially reduced following the global economic crisis. ActionBase saw fair success in its activities in Israel but failed to obtain significant sales outside of the Israel market despite considerable investments in recent years.

ActionBase for several years was part of Advantech, an Israeli IT company, which held majority stake in ActionBase. After the receiving venture capital investment, Advantech reduced its stake in ActionBase. In its current annual report, Advantech wrote off its investment in ActionBase completely. Top Group serves as ActionBase exclusive distributor in Israel since 2008.

ActionBase is pioneering the field of collaborative Human Process Management (sometimes referred to as Human Interaction Management) providing superior action tracking capabilities on any action. The solution is unique, designed specifically for "human centric" processes where flexibility and agility are innate. The philosophy is that the process is all about people, involved in tacit interactions. People drive the process and not the other way around.
Customers from around the world use ActionBase for process and task management in a variety of business scenarios where follow-up, commitment and operational excellence are required.

ActionBase unravels the disorganized "e-mail document-based" management which results in email overload by providing an easy to use, MS Office based human centric process management system. ActionBase solves the problems created by e-mail based document management, including: workflows system that are too rigid for the dynamic reality, project management and task management systems that are incapable of managing the day to day activities and the gaps between procedures, best practices and working documents to the actual work

TOP Group is a leading software and services provider in Israel. The company is traded on Tel Aviv Stock Exchange.

The company enjoys a reputation of over 20 years of successful activity and serves hundreds of customers in Israel, England, France, Spain, Germany and throughout Europe. TOP Group develops and markets software solutions for project management, budget management, tenders management and represents world leading providers for Enterprise Content Management (ECM) and tasks and decisions tracking.

The various services subsidiaries the Top Group provides are services and software development experts, infrastructure for Microsoft, SAP, QA automation, system integration and testing services.

TOP Group customers include hundreds of leading organizations and companies in engineering and infrastructure, banking, insurance, finance, real estate, security, defense, communications, retail and public sectors.

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