TEL AVIV, Israel, March 14, 2012 (GLOBE NEWSWIRE) -- Top Image Systems, Ltd. (Nasdaq:TISA), a leading ECM (Enterprise Content Management) intelligent content capture and delivery solutions provider, today announced the successful implementation of an enterprise-wide automated invoice management solution that will serve a leading global automotive manufacturer across its 39 companies and subsidiaries. TIS is collaborating on this project with an internal IT provider who is supplying all the data processing and IT services for the project.
This leading manufacturer and supplier of automobiles, trucks and agricultural equipment as well as of automotive components and production services, generates between 1.5 - 2 million invoices annually, employing a huge variety of forms and formats, all of which in the past were processed manually. Using eFLOW™ Invoice Reader with one uniform rules engine throughout the organization will vastly accelerate the processing of invoices. At the same time the solution will reduce errors, automate and standardize data processes, which is expected to reduce manual labor and unify audit practices, thus ensuring compliance with various government rules and regulations.
During the highly competitive tender process, in which the customer evaluated proposals from all major vendors in the market, its superior technology and world-class integration with SAP made eFLOW the clear choice. TIS held an advantage by being able to demonstrate complex invoice processing projects already in production in the same region. Moreover, TIS successfully responded to all the technical requirements in the RFP. The final decision was made only after the customer carried out extensive testing of the live eFLOW pilot project installed at one of its largest subsidiaries and determined that pilot to be satisfactory.
"We are proud that by achieving top rank in this rigorous tender process, the technical superiority of the eFLOW Invoice Processing solution has been proven best-in-class. The customer has already begun to apply our solution to improve its operational efficiency and tighten corporate standards across its globally dispersed and functionally variegated organization," remarked Omri Gelb, Executive VP of TIS. "We expect the project to bring positive results and high ROI that will attract other such organizations to implement eFLOW as their enterprise-wide invoice management solution."
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' 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. 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.