TEL AVIV, Israel, March 12, 2012 (GLOBE NEWSWIRE) -- Top Image Systems™, Ltd. (TIS™) (Nasdaq:TISA), a leading ECM (Enterprise Content Management) intelligent content capture and delivery solutions provider, today announced the filing for a patent regarding its Intelligent Mobile Document Delivery Applications. A leading supplier of data and document capture and processing solutions to large enterprises, Top Image Systems provides its customers with the capacity to input and process information from an ever-expanding range of devices, including smartphones, for which the demand is growing in today's market.
To meet this demand, TIS has developed a mobile Remote Deposit Capture (RDC) technology which offers the same high-quality document detection and verification capabilities already included in TIS' eFLOW® Platform, yet extends them to the smartphone device, thus vastly increasing the flexibility and mobility of the applications that can leverage the technology.
Top Image Systems will leverage the new technology in a series of new products, starting with MobiCHECK, a smartphone based application for check deposit using a smartphone device that eliminates the need for the customer to deliver the physical check to the bank. A second product for the smartphone that we have developed is MobiPAY, which enables customers to remit invoices or pay bills using the mobile device. Top Image Systems is also developing MobiCLOUD, which will allow a smartphone user to capture virtually any type of document, whether an expense receipt, an insurance claim, a driver's license, a credit card, etc. and deliver it electronically via the smartphone to the needed destination, operating as a kind of mobile fax.
"We believe that Top Image Systems will have great success in the new and growing mobile RDC market," predicts Dr. Ido Schechter, CEO, Top Image Systems. "Analysts have indicated that it represents at a minimum a $1 billion market opportunity. A research paper published by Harvey Spencer Associates indicates that mobile capture application revenues will reach the multi-billion dollar level over the next 5-6 years. We believe that the new applications are a natural extension of our current offering, and will be highly welcomed by our current install base, as well as bring us many new customers."
About Top Image Systems
Top Image Systems™ (TIS™) 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 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 http://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. 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.