TEL AVIV, Israel, Sept. 3, 2008 (GLOBE NEWSWIRE) -- Top Image Systems, Ltd. (TIS) (Nasdaq:TISA) (TASE:TISA), the leading innovator of intelligent document recognition, today announced that it has implemented its eFLOW Invoice Reader accounts payable solution at the Bosch Communication Center, the shared service organization of multinational giant, The Bosch Group.
For The Bosch Group, streamlining the accounts payable (AP) function was a necessary step toward accomplishing certain short and long term cost-reduction and efficiency goals. This challenge was embraced by the Bosch Communication Center site in Magdeburg, Germany, which serves as the central processing center for the entire Bosch Group in Germany as well as other, non-affiliated companies.
After technologically benchmarking several solution providers, Bosch Communication Center selected the eFLOW Invoice Reader from TIS to automate its document processing operation because of the solution's superior accuracy and customer support.
After a short 2-month implementation, the Bosch Communication Center now uses Invoice Reader to capture, extract and interpret data from over 20,000 different suppliers that send invoices in many formats across various countries and in several languages. Built on the advanced eFLOW platform, Invoice Reader integrates seamlessly with Bosch's existing invoice receipt monitor in SAP and its existing workflow and offers global scalability. The center already processes more than 300,000 invoices per year, and Bosch Communication Center plans to further maximize global efficiency by using eFLOW as a centralized platform for its European operations, handling up to 800,000 invoices.
Anke Lindner, Business Area Manager of Bosch Communication Center, commented: "With TIS's eFLOW Invoice Reader, Bosch Communication Center was able to help Bosch's management team to meet its short-term goals of reducing per-invoice process times and improving the accuracy of captured data. During the short implementation period, the TIS professional team served us very well and allowed us to respond quickly to our customers, turning their needs into advanced technological solutions with superior flexibility, usability and reporting tools. The success with this project is driving us to look into further solution from TIS."
Mike Lechner, Manager of Corporate Accounts Payable of Robert Bosch GmbH, commented: "With the services provided by Bosch Communication Center in combination with the software recognition and processing solution from Top Image Systems, we found reliable partners to push the automation of our accounts payable function forward. Bosch Communication Center and TIS teams were very professional which led an unusually short implementation period that surprised us very positively. Further, the results are exceeding all of our expectations."
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 at www.TopImageSystems.com for more information.
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About Bosch Communication Center
Bosch Communication Center is a business unit of Bosch Security Systems, a subsidiary entirely owned by Robert Bosch GmbH. As a globally operating company with multiple sites in Europe, South America and Asia, Bosch Communication Center delivers Business Process Outsourcing services in various functional fields since 1985: monitoring services, trustcenter services, communication services and business support services. Visit the company's website at www.boschcommunicationcenter.com for more information.
About the Bosch Group
The Bosch Group is a leading global supplier of technology and services. In the areas of automotive and industrial technology, consumer goods, and building technology, some 271,000 associates generated sales of 46.3 billion euros in fiscal 2007. The Bosch Group comprises Robert Bosch GmbH and its more than 300 subsidiaries and regional companies in roughly 50 countries. This worldwide development, manufacturing, and sales network is the foundation for further growth. Each year, Bosch spends more than 3 billion euros for research and development, and applies for over 3,000 patents worldwide. The company was set up in Stuttgart in 1886 by Robert Bosch (1861-1942) as "Workshop for Precision Mechanics and Electrical Engineering."
The special ownership structure of Robert Bosch GmbH guarantees the entrepreneurial freedom of the Bosch Group, making it possible for the company to plan over the long term and to undertake significant up-front investments in the safeguarding of its future. Ninety-two percent of the share capital of Robert Bosch GmbH is held by Robert Bosch Stiftung GmbH, a charitable foundation. The majority of voting rights are held by Robert Bosch Industrietreuhand KG, an industrial trust. The entrepreneurial ownership functions are carried out by the trust. The remaining shares are held by the Bosch family and by Robert Bosch GmbH. Additional information can be accessed at www.bosch.com.
"Safe harbor" statement under the Private Securities Litigation Reform Act of 1995:
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.