NEW YORK and DENVER, March 13, 2014 (GLOBE NEWSWIRE) -- Top Image Systems Ltd. (Nasdaq:TISA) a leading ECM (Enterprise Content Management), BPM (Business Process Management) and MIP (Mobile Image Platform) provider and Open Scan, a privately held software company based in Denver, CO, announced today the establishment of a partnership for Open Scan to embed Top Image Systems' mobile image processing applications in its new mobile payment and remittance capture solution. Top Image Systems (TIS) will provide a Mobile Remittance solution based on its existing MobiFLOW technologies which, together with Open Scan's Dynamic Receivables software, will allow companies to capture both payments and remittance advices in one electronic envelope, remotely deposit the funds, and automatically apply the cash against their open receivables. Open Scan has a large US install base in the transportation, distribution, and manufacturing industries. TIS' mobile remittance application will allow these customers to process payments in the field at the time of delivery to significantly reduce DSO (days sales outstanding), improve cash flow, and prevent credit holds.
The partnership with Open Scan will enable TIS to widen the distribution of its mobile applications in the US via a leading supplier of financial workflow automation, accounts receivable, and accounts payable software. As a part of the partnership agreement, TIS will be a prominent sponsor at OPEN UP, Open Scan's user conference in April 2014 focusing on cash flow processing for the enterprise. At the event, TIS will demonstrate its broad portfolio of mobile applications to the Open Scan community.
Michael Schrader, COO Top Image Systems, remarked, "Open Scan is a major player in the US transportation and logistics industry, and we are looking forward to jointly offering our mobile image applications with them. The synergy between both TIS and Open Scan will allow us to build a powerful and mutually beneficial partnership."
Tim Oliver, Chief Marketing Officer for Open Scan, said, "Open Scan customers need to be able to process payments and remittances at any time and any place. We conducted an extensive technical evaluation of Top Image Systems' mobile applications and were impressed by the intuitive user interface, high quality image recognition, and application performance. We were also motivated by the strength of TIS' commitment to its partners. We expect the relationship to contribute significantly to our business in 2014."
About Open Scan
Large corporations and state governments deal with an enormous amount of accounts receivable and accounts payable on a daily basis. In 1998, Nadine Lange founded OPEN SCAN® with the knowledge that by automating the entire process of image and data capture, correlation, and matching, these companies and organizations could realize better accuracy, speed, efficiency, and cost savings. Now, delivering industry-defining dynamic cash flow processing to Fortune 1000 companies, Open Scan is the leader in financial workflow automation, including accounts receivable and accounts payable, allowing end users to do what it used to take entire departments to accomplish.
About Top Image Systems
Top Image Systems™ (TIS™) 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.
Top Image Systems 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.