TEL AVIV, Israel and PLANO, Texas, Sept. 06, 2016 (GLOBE NEWSWIRE) -- Top Image Systems Ltd. (NASDAQ: TISA ) a global innovator of intelligent content processing solutions, announced today that the Company has concluded two significant deals for its recently launched eFLOW AP for SAP end to end accounts payable automation solution. These wins include a contract signed with a leading energy supplier valued at over $420,000 for licenses and services that will extend the use of eFLOW® AP for SAP globally, including to North, Central and South America, and an upsell to another existing customer in the European power sector valued at over $60,000 for license and services.
“We continue to see accelerated demand for our Accounts Payable automation for SAP solution launched in the first quarter of this fiscal year,” remarked Michael Schrader, President, Top Image Systems Ltd. “The solution provides our customers single point visibility into and analysis of accounts payable processes from their familiar SAP interface, along with automated invoice data entry using our intelligent capture technology, checks and validations of invoice data in SAP, automated workflows for exceptions and approval, straight through processing of PO based invoices and visual tools to monitor invoice status and workflow tasks. The solution enables our customers to achieve improved cash flow visibility and spend management that are critical to achieving financial control over their businesses, not to mention reduced invoice processing transaction costs.”
About Top Image Systems
Top Image Systems™ (TIS™) Ltd. is a global innovator of on premise and cloud-based applications that optimize content-driven business processes such as procure to pay operations, remittance processing, integrated receivables, customer response management and more. Whether originating from mobile, electronic, paper or other sources, TIS solutions automatically capture, process and deliver content across enterprise applications, transforming information entering an organization into useful and accessible electronic data, delivering it directly and efficiently to the relevant business system or person for action with as little manual handling as possible. TIS’ 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.
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.
Company Contact: Shelli Zargary Director of Corporate Marketing and Investor Relations Top Image Systems shelli.zargary@topimagesystems.com +972 3 767 9114 Investors: James Carbonara Regional Vice President, Hayden IR james@haydenir.com + 1 646 755 7412
