TEL AVIV, Israel and COLOGNE, Germany, May 29, 2014 (GLOBE NEWSWIRE) -- Top Image Systems Ltd. (Nasdaq:TISA) a leading ECM (Enterprise Content Management) and BPM (Business Process Management) solution and MIP (Mobile Imaging Platform) provider announced today that a global player in the fuel, chemical and powder storage and transport market and leading manufacturer of machinery and equipment for specialized industries has selected Top Image Systems eFLOW® in a six-figure deal to automatically process and approve all the group's incoming supplier invoices and order confirmations. The system will capture, extract and validate all relevant data, process the transactions through the embedded workflow and transfer approved invoices automatically to the existing INFOR ERP system for payment and end-to-end invoice monitoring and visibility.
By implementing the multichannel eFLOW solution, the manufacturer will significantly increase efficiency, reduce errors and shorten process cycle time. The system will minimize manual data entry and enable automated digital capture, processing and approval of all incoming invoices and sales order confirmation notices, whether received via post, email or mobile - and in any file format. Not only will the company reduce expenses by being eligible for early payment discounts and by avoiding late penalties, but by eliminating time-consuming and tedious routine manual processing tasks, the employees in the accounts department will be able to invest their time in more productive, value-added activities. In future, the company is considering expanding the eFLOW® implementation from AP and sales order automation to manage processing of all incoming documents across the enterprise.
"We are very pleased that this important European manufacturing group has selected eFLOW INVOICE to automate their accounts payable and sales order processes," commented Egbert Fischer, General Manager, Central Europe for Top Image Systems. "As the digital economy expands, it is imperative for companies to maintain a competitive advantage and optimize business relations with their suppliers by streamlining their payment processes. Thanks to our excellent references, expert sales consultants and experienced professional services providers, Top Image Systems continues to win new customers, increase our market share and expand our presence across Europe."
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
