TEL AVIV, Israel and COLOGNE, Germany, Jan. 16, 2013 (GLOBE NEWSWIRE) -- Top Image Systems, Ltd. (Nasdaq:TISA), a leading Enterprise Content Management (ECM) intelligent content capture and delivery solutions provider, announced today a new project win worth some €450,000 overall with one of the world's leading tire manufacturers. The Italian-based company will begin to implement Top Image Systems' eFLOW Platform with eFLOW Invoice Reader, eFLOW INVOICE for SAP and Digital Mailroom in all their offices in Europe and will in the second stage expand the project to their many sites in Asia, North and South America.
The tire manufacturer decided to replace their current AP system to improve processing efficiency, achieve monitoring, transparency and standardization for the entire P2P process and to leverage eFLOW's classification and indexing capabilities to significantly reduce manual data entry. The deal was sealed after an impressive visit to the headquarters of Italy's largest power company that currently uses the eFLOW platform. The tire company processes some 1 million pages per year from more than 100,000 suppliers. They will use the eFLOW platform to capture key account information from customer invoices, delivery receipts and consignment documents and integrate this information into their SAP business management system. A second phase of the project will involve the deployment to other countries and processing of incoming documents via eFLOW's Digital Mailroom with the corporate document management system based on Microsoft SharePoint.
Michael Schrader, Managing Director EMEA at TIS, remarked, "After meeting the company's stringent requirements for the project, we look forward to a long collaboration with one of the top players in the European auto industry. The sheer volume of transactions in many different languages and formats shows the versatility of eFLOW's platform, and when you consider the improvement in efficiency, transparency and savings, it's understandable why eFLOW was selected."
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 Europe and 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.