TEL AVIV, Israel and COLOGNE, Germany, Dec. 30, 2013 (GLOBE NEWSWIRE) -- Top Image Systems Ltd. (Nasdaq: TISA ) a leading ECM (Enterprise Content Management), BPM (Business Process Management) and mobile image processing (MIP) solutions provider, announces a new $240,000 project win at a major German energy supplier, adding another company to the growing list of TIS customers in the power and utilities sector. The energy supplier selected Top Image Systems' eFLOW® invoice processing solution to meet their broader accounts payable processing needs, automate the handling of 300,000 invoices per year and provide comprehensive integration with SAP to enable a full end-to-end Accounts Payable workflow .
With more than 9,000 employees and sales of over seven billion euro, this energy company is one of the largest utility companies in Germany, supplying some 1.4 million customers with electricity, 1.6 million with gas, and over 650,000 with telecommunication and IT services. The company was using a competitive solution before they decided to flip the switch and move to eFLOW .
According to Egbert Fischer, Top Image Systems' General Manager, Central Europe "eFLOW is proving to have strong capacity to oust the competition. The customer was very impressed by the high level of TIS' advance preparation, as well as by our deep and comprehensive knowledge of their needs. The initial project was to cover only invoice capture, but then the customer was also impressed by eFLOW for SAP ; in the end the customer decided to replace their existing workflow solution as well. The eFLOW solution adapts excellently to very complicated invoice situations, and the full integration with SAP gives users confidence and visibility into cash flow. With benefits of high recognition rates as well as easier workflow handling and extended workflow capabilities, more and more customers are moving to eFLOW. In an industry in which invoice processing requirements are extremely complex, TIS is gaining more and more satisfied references in Germany and across Europe, thus becoming the de facto standard for AP Automation in the energy and utilities sector."
About Top Image Systems
Top Image Systems™ (TIS™) Ltd. is a leading innovator of enterprise solutions for capturing and validating structured and unstructured content entering organizations from various sources and managing content-driven business processes. Whether originating from mobile, electronic, paper or other sources, TIS solutions automatically capture, process and deliver content across enterprise applications. TIS' flagship eFLOW platform and diverse business process and mobile image processing solutions are marketed in more than 40 countries through a multi-tier network of distributors, system integrators, value-added resellers and strategic partners. Visit the company's website at http://www.TopImageSystems.com for more information.
Top Image Systems 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 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.
TIS Company Contact: Shelli Zargary Director of Corporate Marketing and Investor Relations +972 3 767 9114 TIS Investors: James Carbonara Regional Vice President, Hayden IR + 1 646 755 7412
