TEL AVIV, Israel, Sept. 16, 2009 (GLOBE NEWSWIRE) -- Top Image Systems, Ltd. (TIS) (Nasdaq:TISA) (TASE:TISA), the leading innovator of intelligent document recognition, announced today that its eFLOW Invoice Reader solution has been selected by the WAZ Media Group to automate and centralize the German-based company group accounts payable who operate in Essen, Germany. WAZ also chose TIS's eFLOW Ability to allow for a seamless integration to their existing SAP workflow.
Taking the opportunity to think strategically, and aiming to standardize its invoice circulation, review and approval, WAZ asked its vendors to send all invoices to their new centralized processing center in Essen. At this location, about 100,000 invoices in countless formats are received, scanned, and processed by eFLOW Invoice Reader each year. The solution accurately extracts the data from the invoices and verifies it with existing supplier and purchase order data in the SAP system. Invoices which do not have a corresponding purchase order are automatically routed for factual verification and released back into the workflow for approval.
Thomas John, project manager for Administrative Systems at the WAZ Media Group, commented: "We chose TIS because of eFLOW's deep integration with our existing SAP system. The near-perfect recognition rates and superior accuracy of the solution really got our attention and ultimately made our decision very easy. Needless to say, we are extremely pleased with the centralized processing center and the increased transparency that the TIS solution has given our organization."
Dr. Ido Schechter, Chief Executive Officer of TIS, added, "We are proud to add the WAZ Media Group to our growing list of media customers, demonstrating our strength in this field. In addition to offering seamless integration to SAP, eFLOW Invoice Reader is extremely customizable and scalable. This is precisely why we have been successful at meeting the complex needs of customers such as the WAZ Media Group."
About WAZ Media Group
The WAZ Media Group, based in Essen, is one of the largest European media groups. It publishes 34 daily and 19 weekly newspapers, 176 special-interest and trade magazines, 107 advertising papers, 400 customer magazines, 16 printing works, has majority holdings in 17 local radio broadcasting companies and two TV-stations, and runs the largest regional internet portal, DerWesten.de. The WAZ Media Group has 18.000 employees worldwide. Visit the company's website www.waz-mediengruppe.de for more information.
About Top Image Systems
Top Image Systems 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 Unified Content 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, particularly statements regarding future operating or financial performance such as statements regarding trends, demand for our products, expected deliveries, transaction, expected revenues, operating results, earnings and profitability. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied in those forward looking statements. Words such as "will," "expects," "anticipates," "estimates," "intends," "believes," "plans" 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 plans and schedules, rapid technological change, changes and delays in product approval and introduction, customer acceptance of new products, the impact of competitive products and pricing, market acceptance, the lengthy sales cycle, proprietary rights of TIS and its competitors, risk of operations in Israel, government regulation, dependence on third parties to manufacture products, quarterly fluctuations in sales of products in the Data Capture market (where in general the fourth quarter is the strongest and the first quarter is the weakest), TIS's ability to successfully integrate businesses it acquires, litigation (including litigation over intellectual property rights), 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.