TEL AVIV, Israel and NEW YORK, Sept. 9, 2014 (GLOBE NEWSWIRE) -- Top Image Systems, Ltd. (Nasdaq:TISA), a leading ECM (Enterprise Content Management) and BPM (Business Process Management) solution and MIP (Mobile Imaging Platform) provider announces that all pending litigation between Mitek Systems, Inc. and Top Image Systems, Ltd. has been settled as of September 8, 2014.
TIS has defended itself against the patent infringement case filed by Mitek in September 2012 and has considered the lawsuit without merit. Under the terms of the agreement, each party is responsible for covering its own respective legal fees. No other consideration is to be exchanged.
"I am satisfied that as a result of the outcome of their litigation with USAA, Mitek realized that their case against TIS was weak and their patent portfolio was ineffective. With this litigation behind us, TIS is prepared for exponential growth of our innovative mobile imaging platform and applications in the U.S. and around the globe," said Izhak Nakar, Founder and Executive Chairman of Top Image Systems. "TIS offers the broadest multichannel capture and processing coverage on the market, and we look forward to sharing our innovations with financial institutions and enterprises worldwide."
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 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.