NEW YORK and TEL AVIV, Israel, Sept. 23, 2014 (GLOBE NEWSWIRE) -- Top Image Systems, Ltd. (Nasdaq:TISA), a leading Enterprise Content Management (ECM) and Business Process Management (BPM) solutions and Mobile Imaging Platform (MIP) provider, today announced the TIS Board of Directors approved the appointment of TIS' current COO Michael Schrader to the position of CEO. TIS' current CFO, Lyron L. Bentovim, will fill the COO position that Mr. Schrader previously held.
Michael Schrader, TIS' Chief Operating Officer, was promoted to his current position in November 2013, after serving in the capacity of TIS' CTO and SVP, Global Solutions. Mr. Schrader first joined TIS in 1999 and rapidly progressed within the company, serving as a software engineer, a technical team leader, International Strategic Project Manager, Director of Engineering for Europe and then General Manager of TIS German and later all TIS's EMEA Operations. With 15 years of experience leading the company in a variety of regional and global technical development, sales and strategic management positions, Mr. Schrader has accumulated deep knowledge and experience of TIS' products and solutions and broad understanding of the company's markets and its customers' needs.
"I appreciate the trust and confidence that the Chairman and Board of Directors have placed in me and I am very excited to serve Top Image Systems as CEO," commented Michael Schrader. "From my vantage point, I am well aware of the powerful, valuable assets TIS holds in its products, technologies and people. With our enhanced mobile and cloud capabilities, best practice capture-driven smart business process automation solutions and patent-pending technological innovations in emerging market areas, I am fully confident that TIS will continue to strengthen its presence and market share in the U.S. and global ECM, BPM and mobile image processing markets and bring substantial added value to its shareholders. I look forward to working closely with our talented management team and dedicated professional staff around the globe."
Lyron L. Bentovim was appointed Chief Financial Officer of Top Image Systems in August 2014 following his membership of the TIS Board of Directors since 2008. Upon his appointment as CFO, Mr. Bentovim has taken responsibility for the post-merger integration (PMI) of eGISTICS, Inc., the Dallas, Texas based private cloud-based data and document management software company acquired by Top Image Systems in August of this year, while also acting as a primary liaison with U.S.-based investors.
"Top Image Systems' Board of Directors, shareholders and employees are fortunate that these experienced and talented professionals will take executive leadership of the company to execute on the strategic growth plan the company is pursuing," stated Izhak Nakar, TIS Founder and Active Chairman. "The combination of Michael Schrader's expert technological, sales and management skills and Lyron Bentovim's sharp financial and operational management abilities and deep knowledge of the US enterprise and financial markets gives me confidence that our management team is strong and we are well-positioned for success."
"Together our management team will grow TIS' operations worldwide, and most specifically in the strategic U.S. growth market," continued Mr. Nakar. "In the near-term, TIS is focusing on upselling traditional TIS offerings to the eGISTICS' install base and winning new cloud and mobile content capture and processing business. In the long-term, we will leverage our complementary product knowledge to develop best-in-class end-to-end document-driven business process management and storage solutions that will earn us a dominant position in the market. We are confident that these appointments will enable TIS to realize its enormous business potential and significantly increase the company's value."
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.