TEL AVIV, Israel and NEW YORK, Nov. 19, 2013 (GLOBE NEWSWIRE) -- Top Image Systems Ltd. (Nasdaq:TISA) a leading ECM (Enterprise Content Management) and BPM (Business Process Management) and MIP (Mobile Image Processing) solutions provider, today announced the execution of a second phase of organizational and management changes aimed to achieve its strategic goals for 2014. The three-prong program includes a merge of geographical branches that will pool resources; optimized sales and marketing via expanded lead generation and inside sales activities; and management changes aimed largely at driving TIS' growth in the US. Dr. Ido Schechter will step down as Chief Executive Officer and will remain on the Board of Directors and a shareholder of the Company. Izhak Nakar, Top Image's founder and Active Executive Chairman, who currently leads the Investor Relations, Corporate Venture and strategic business development efforts, will in the interim move his primary business location to the U.S. and commence a search for a U.S.-based CEO. This development is in alignment with the company's expectation that inaugural U.S. revenue for 2013 will exceed 10% and with its strategy to make the U.S. one of its main markets; concurrently Michael Schrader, CTO and SVP, Global Solutions, has been appointed as Chief Operating Officer.
2013 is Top Image's first year in the U.S., and without the benefit of a local CEO, the Company has signed contracts, partnerships, and launched products with industry leaders based in the US such as Amazon, Google, TransCentra, DataMark, Jack Henry, Feith and most recently with Fiserv. Top Image's estimate that U.S. revenue will be north of 10% of its revenue for this year is computed before factoring in the expected large potential of transaction based revenue. The Company now has 12 employees in the U.S., having recently hired an ex-executive of ReadSoft to be its Senior Director of Global Marketing based in the U.S. Top Image has committed to continuing this trend, moving more of its management to the U.S. and to investing substantial resources in the next few years in the important U.S. market.
"Ido has been with Top Image for 18 years, during 12 of which he served as CEO," stated Izhak Nakar, Active Chairman, Top Image Systems. "During that time, Top Image has grown to be a strong and sustainable business with a thriving pipeline of innovative products. We thank Ido for his many years of leadership and significant contribution to Top Image and look forward to his continuing his leadership role as a member of the Board of Directors."
"Top Image Systems today is a leading ECM, BPM and mobile image processing company," stated Dr. Ido Schechter. "Our business is flourishing and our future pipeline is more promising than ever. We've built a solid leadership team across the company that is extremely talented and capable of continuing the growth of our business both in the U.S. and worldwide. As the second largest private shareholder in the company and a member of the Board of Directors, I will naturally continue to actively participate in steering TIS to continue its business success. "
Concluded Mr. Nakar, "I have every confidence that Michael Schrader, with whom I have worked closely over the last few years, will make an even greater contribution to TIS as COO. The company is in the good hands of an exceedingly accomplished management team and I know the transition will be seamless. These and the other organizational changes that the company has undertaken for 2014 are sure to advance TIS towards its short and long-term growth objectives."
About Top Image Systems
Top Image Systems(TM) (TIS(TM)) Ltd. is a leading innovator of enterprise solutions for capturing and validating structured and unstructured content entering organizations from various sources and managing content-driven business processes. Whether originating from mobile, electronic, paper or other sources, TIS solutions automatically capture, process and deliver content across enterprise applications. TIS' flagship eFLOW platform and diverse business process and mobile image processing solutions are 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.
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.