TEL AVIV, Israel and COLOGNE, Germany, June 20, 2012 (GLOBE NEWSWIRE) -- Top Image Systems, Ltd. (Nasdaq:TISA), a leading ECM (Enterprise Content Management) intelligent content capture and delivery solutions provider, announced today that the Company has seen an increase in the number of eFLOW solutions it is providing to a variety of enterprises across Europe. These sales support Top Image Systems' growth strategy in that frequently eFLOW projects upsell to its high-margin, seven-figure full Digital Mailroom (DMR) automation solutions. Some of these deals include:
- A contract with another Implenia corporation in Norway, a new project signed following the successful eFLOW implementation at the Swiss headquarters of this leading European construction and construction services provider. With 100% non-PO invoices, a complex invoice processing workflow involving approvals by field personnel via PDA and full SAP integration, Implenia sought an especially powerful invoice solution.
- Pilatus Aircraft, a long-time TIS customer based in Switzerland, recently upgraded to eFLOW Version 4.5. In this and similar cases, European enterprises that need to optimize management of high volumes of complex documents, often involving integration with ERP and cross-application workflows, are increasingly selecting eFLOW.
- Swiss furniture manufacturer Vitra selected eFLOW Invoice and eFLOW Invoice for SAP for their automated invoice management solution, in which they scan barcodes on incoming invoices, process all key data with eFLOW and deliver the information smoothly to initiate the approval process in the SAP workflow.
- A recent win at Harting Technology Group, a leading manufacturer of customized electronic, electrical and optical solutions and products based in Germany. Top Image Systems will provide the company with a comprehensive solution incorporating full integration with the company's ECM implementation, thus enabling end-to-end Enterprise Content Management.
"We are not surprised by the increase in our European business, as eFLOW is the natural choice for European enterprises in virtually any industry sector seeking state-of-the-art technology, highly accurate recognition, flawless performance and flexibility and scalability to meet each company's specific and dynamic requirements, along with what is most critical in today's economy - rapid return on investment," comments Michael Schrader, Managing Director, TIS EMEA. "Top Image Systems is committed to providing excellent capture solutions along with expert professional services, a powerful combination that is the reason that our customers often expand their implementations to our full Digital Mailroom (DMR) and recommend and refer us to their peers, thus further contributing to our business growth."
About Top Image Systems
Top Image Systems™ (TIS™) Ltd. 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 content across enterprise applications. TIS' eFLOW Platform is a common platform for the company's solutions which is marketed in more than 40 countries through a multi-tier network of distributors, system integrators, value-added resellers and strategic partners. Visit the company's website at 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.