KOLN, Germany, April 9, 2008 (PRIME NEWSWIRE) -- Top Image Systems, Ltd. (Nasdaq:TISA) (TASE:TISA), the leading innovator of data capture solutions, announced today the win of another well-known Swiss customer, Sunrise Communications AG, the number two telecommunications provider in Switzerland. The telecommunication supplier will use TIS's eFLOW InvoiceReader to automate its entire invoice processing operation, effectively streamlining its accounts payable function and aiding the company in compliance with strict Swiss audit regulations. The eFLOW solution will integrate into the company's Open Text workflow and SAP audit.
In the competitive Swiss Telco market, generating a fair price-to-performance ratio for customers is essential. Aiming to reduce costs and to optimize business processes, Sunrise was looking for the most efficient and flexible automated invoice processing solution on the market and selected TIS's eFLOW.
Sunrise receives 120,000 suppliers' invoices and bank statements every year. This influx of business critical information needs to be quickly and accurately processed in compliance with Swiss extensive legal regulations. With its sophisticated learning algorithms and powerful InvoiceReader module, eFLOW meets these requirements.
"eFLOW InvoiceReader's flexibility and versatility, its ability to integrate any document type as well as its ability to provide intelligent extraction of the single line items, like automatic account assignment and pool allocation, were key factors in our decision to go with TIS," stated Rolf Geissboehler, Project Leader Finance & Corporate Centres at Sunrise.
To provide Sunrise with the most efficient process and highest level of stewardship, eFLOW seamlessly integrates with the company's Open Text workflow and with SAP invoice verification workflow. Open Text is the market leader in providing Enterprise Content Management (ECM) solutions. Open Text supports approximately 46,000 customers and millions of users in 114 countries and 12 languages.
Michael Schrader, General Manager of TIS in Germany, commented, "We are pleased to add Sunrise to our growing list of Swiss customers. Once again, we proved that eFLOW can perfectly address the needs of German speaking organizations and provide them with a flexible and robust complete processing solution. Furthermore, our tight integration with Open Text workflow opens new and interesting business opportunities which we are excited to explore."
About Sunrise Communications AG
Sunrise is the strong number two of telecommunications suppliers in Switzerland. More than 2.2 million customers are using the services of Sunrise in the field of mobile telephony, landline, internet and data. The network on GSM-, EDGE-, UMTS- and HSDPA basis supplies more that 99% of the population with state-of-the-art mobile services and allows transfer rates of up to 3.6 Mbps. A powerful fiber optic network with a total length of 8.900 km enables an area wide supply of high class speech- and data services. Sunrise is a trade mark of Sunrise Communications AG, its share capital is owned 100% by TDC A/S.
About Top Image Systems
Top Image Systems 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 Unified Content Platform is a common platform for the company's solutions. TIS markets its platform in more than 30 countries through a multi-tier network of distributors, system integrators, value added resellers as well as strategic partners. Visit the company's website at www.TopImageSystems.com for more information.
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Certain matters discussed in this news release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, particularly statements regarding future operating or financial performance. Words such as "will," "expects," "anticipates," "estimates," "intends," "believes," "plans" 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 plans and schedules, rapid technological change, changes and delays in product approval and introduction, customer acceptance of new products, the impact of competitive products and pricing, market acceptance, the lengthy sales cycle, proprietary rights of TIS and its competitors, risk of operations in Israel, government regulation, dependence on third parties to manufacture products, quarterly fluctuations in sales of products in the Data Capture market (where in general the fourth quarter is the strongest and the first quarter is the weakest), TIS's ability to successfully integrate businesses it acquires, litigation (including litigation over intellectual property rights), 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.