TEL AVIV, Israel and COLOGNE, Germany, Nov. 26, 2013 (GLOBE NEWSWIRE) -- Top Image Systems, Ltd. (Nasdaq: TISA ) a leading ECM (Enterprise Content Management), BPM (Business Process Management) and MIP (Mobile Image Processing) solutions provider, announced today that Coolblue B.V. has selected Top Image System's eFLOW® to optimize their complex invoice processing operations . Coolblue B.V. is a fast-growing appliance retailer operating both traditional stores and online shops, including five locations in the Netherlands and Belgium as well as a large online presence in the region.
Coolblue B.V. has expanded its product range of digital devices and appliances rapidly and extensively since it began selling online in the year 2000. Currently offering next day delivery and responsive service for their 280 different webshops and 7 retail outlets, the company sought an automated AP solution that could smoothly integrate their diverse legacy invoice systems. They needed one uniform system that would replace manual data entry, matching, routing and other routine tasks with an automated process. Another important criterion was a system that would work both with their customized logistic system as well as with the two different financial systems they employ – a finance system in which they process their supply chain and an accounting system where they manage invoices without POs. They are convinced that eFLOW will enable them to manage their growing volume of invoices, already over 80,000 per year, while improving responsiveness to vendor queries and reducing invoice turnaround time. In the next phase of the project, they want to also process via the eFLOW system an equivalent volume of Delivery Notes.
Suleyman Vurucu, Purchaser at Coolblue commented, "We have been very impressed with eFLOW and the professional staff from Top Image Systems who demonstrated a great solution for our Finance Department using our own Delivery Notes. Now we can manage our back office systems in one go, with one standardized, automated process, giving us the efficiency and transparency that we were looking for. Using eFLOW will help Coolblue improve customer service and give us room for expansion, reducing the pressure on the Finance Department and eliminating the need to hire additional staff."
Yoss Perl, Managing Director EMEA South & East for Top Image Systems, remarked, "We are very pleased to expand our eFLOW INVOICE global install base and to gain experience managing invoicing implementations integrated with many different legacy systems. The increase in AP processing business we are seeing in the Netherlands fits our global strategy to sell our broader product portfolio worldwide. Moreover, we believe that the selection of eFLOW by savvy online businesses well-acquainted with the latest IT technologies is powerful proof of the value of eFLOW."
About Coolblue
Coolblue is one of the largest retail shops in the Benelux, with more than 280 different webshops and 7 retail outlets. Coolblue's mission is to lead the way in customer satisfaction. We help people choose from our huge collection and we will make sure that the order is delivered to our customers fast and free of charge. In the last 15 years, Coolblue has grown into a company employing 575 enthusiasts, who generate an annual turnover of 240 million Euros. Coolblue people are young – 27 years on average – extremely motivated and frankly, a bit odd. Based in our head office in Rotterdam, we work hard in small teams to improve our processes. Just a little better, every single day.
About Top Image Systems
Top Image Systems (TIS) is a leading innovator of enterprise solutions for managing and validating content entering organizations from various sources. Whether originating from mobile, electronic, paper or other sources, TIS solutions deliver the content to applications that drive the organization. TIS's eFLOW® platform is a common platform for the company's solutions. TIS markets its platform in more than 40 countries through a multi-tier network of distributors, system integrators, value-added resellers as well as strategic partners. Visit the company's website http://www.TopImageSystems.com for more information.
Caution Concerning Forward-Looking Statements
Certain matters discussed in this news release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results to be materially different from any future results expressed or implied in those forward looking statements. Words such as "will," "expects," "anticipates," "estimates," and words and terms of similar substance in connection with any discussion of future operating or financial performance identify forward-looking statements. These statements are based on management's current expectations or beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially including, but not limited to, risks in product development, approval and introduction plans and schedules, rapid technological change, customer acceptance of new products, the impact of competitive products and pricing, the lengthy sales cycle, proprietary rights of TIS and its competitors, risk of operations in Europe and Israel, government regulation, litigation, general economic conditions and other risk factors detailed in the Company's most recent annual report on Form 20-F and other subsequent filings with the United States Securities and Exchange Commission. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.
Shelli Zargary Director of Corporate Marketing +972 3 767 9114 Investors: James Carbonara Regional Vice President, Hayden IR + 1 646 755 7412
