TEL AVIV, Israel, July 23, 2008 (PRIME NEWSWIRE) -- Top Image Systems, Ltd. (Nasdaq:TISA) (TASE:TISA), the leading innovator of data capture solutions, announced today that a Spanish-based world leading private energy group has chosen eFLOW to automate its information input process. The contract is valued at close to $300K. Two additional projects, valued at $500K, are underway.
The Spanish-based private energy group is present in almost 40 countries and has more than 18 million customers worldwide.
Aiming to standardize the circulation of information throughout its 15 mailroom centers in Spain, as well as to automate its accounts payable operation, the utility company searched for an electronic solution to integrate and process all kinds of incoming information, including various unstructured, semi-structured and structured documents. After careful evaluation of a number of service providers and their technology solutions, TIS's eFLOW was selected to serve as the end-to-end information input solution. eFLOW was identified as the only solution that can provide the group with the most advanced classification and recognition capabilities and with a holistic view of the organization's information input process.
eFLOW is a single end-to-end solution that meets the need for effective, flexible, and sophisticated data capture. In this project, it serves as the gateway for 3 million documents that arrive at the group's mailrooms in Spain every year. Whether the information arrives by post as a paper document, by e-mail or by fax, eFLOW automatically and accurately classifies and routes it to the proper destination within the organization. The information is thus delivered to a customer care representative on time.
Before eFLOW was implemented, classifying and routing the information that enters the group's 15 mailroom centers has been time-consuming and often fraught with error. With eFLOW, the group's service representatives receive customer's requests and inquiries with greater precision and at a fraction of the time.
After the initial classification, incoming invoices are further processed; the information they contain is automatically extracted and seamlessly delivered into the group's existing SAP system. Through this integration, eFLOW provides an efficient process for a high level of stewardship with timely payments. Manual labor and related costs are reduced to a minimum.
"We are proud to make the wealth of information held within its incoming mail fully accessible to the group," said Omri Gelb, Managing Director of Top Image Systems EMEA. "Another world leading utility company will benefit from TIS's technology leadership. We believe that their investment in eFLOW will give the group a suite of next-generation capabilities that can be rapidly deployed to meet its customers' requirements as they evolve in the future."
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 40 countries through a multi-tier network of distributors, system integrators, value-added resellers as well as strategic partners. Visit the company's website www.TopImageSystems.com for more information.
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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, 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.