TEL AVIV, Israel and LONDON, Dec. 21, 2015 (GLOBE NEWSWIRE) -- Top Image Systems, Ltd. (NASDAQ: TISA ) , a global innovator of intelligent content processing solutions, announced today that in a tender sponsored by the EU, TIS was selected to supply eFLOW Digital Mailroom – the first digital mailroom (DMR) deployed in Bulgaria – to GED Bulgaria, a leading Bulgarian BPO and an authorized Kodak equipment, consumables and software sales and service partner.
GED participated in an EU initiative with a project named “A Mailroom System for Data Capture and Processing Including Contextual Actions Based on Incoming Information” requesting to implement the first DMR solution in Bulgaria. As a result, the EU sponsored a project in which TIS was selected for its superior solution for metadata capture, prioritization and archival. The project went live in early 2015, enabling GED to educate the local market by being first to offer automated invoice and digital mailroom services, including mobile capture, to customers in Bulgaria.
eFLOW5 is deployed at the GED central document processing center in Sofia. The aim is that the solution will process some 500,000 structured and semi-structured documents in Bulgarian and English per year, reaching an annual average of 2.2 million pages. The system will cover all the steps of a typical digital mailroom , from data collection and classification to extraction and validation, then through routing and automated response management, finally delivering xml and tif files for archiving.
GED expects the new system to enable comprehensive digital archiving and to reduce document processing time, invoice cycles and time to payment. Cutting back on manual data entry will eliminate errors and tedium, increasing efficiency and productivity. Moreover, eFLOW enables GED to better monitor and meet each client’s different SLAs.
Remarked Ivan Staykov, Manager, GED, “Thanks to our successful partnership with TIS, we are pleased to be successfully delivering Business Process Outsourcing (BPO) services using the innovative eFLOW®5 technology. As the first outsourcer to bring automated incoming document management and accounts payable automation to Bulgarian enterprises, we are enabling digital transformation that is introducing a higher level of business efficiency and customer responsiveness to the market which we expect will become the new standard. Thanks to the new solution, GED will begin to market data capture and archiving solutions to the Bulgarian market.”
“We are proud and excited to be a part of this EU initiative and to bring advanced document processing technologies to Bulgaria via our excellent and professional partner GED,” commented Barry Richards, Managing Director, EMEA at Top Image Systems. “Thanks to our first-class technology, including powerful cloud and mobile capabilities and our flexible business model, we are confident that eFLOW will enable GED to provide the best outsourcing services possible and to contribute to their growth within Bulgaria and perhaps further across Central Europe.”
Concluded Mr. Richards, “We trust that this successful project stands as an example to encourage similar such projects sponsored by the EU, as well as being an example of TIS’ commitment to strengthening its partnerships worldwide in order to substantially grow our indirect channel business.”
About GED Bulgaria
GED is a Bulgarian based company which aims to provide end-to-end solutions for document, data and process management to customers from various segments. GED’s expertise in various verticals provides unique knowhow and solution development capabilities which aim to bring world leading solutions to the Bulgarian market and to provide local companies across various verticals the capability to automate their processes, cut costs and improve their business and competitiveness.
About Top Image Systems
Top Image Systems™ (TIS™) Ltd. 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 content across enterprise applications. TIS’ eFLOW Platform is a common platform for the company's solutions which is 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 Press Contact: Shelli Zargary Director of Corporate Marketing and Investor Relations shelli.zargary@topimagesystems.com +972 3 767 9114 TIS Investors Contact: James Carbonara Regional Vice President, Hayden IR james@haydenir.com + 1 646 755 7412
