TEL AVIV, Israel, Nov. 18, 2009 (GLOBE NEWSWIRE) -- Top Image Systems, Ltd. (TIS) (Nasdaq:TISA) (TASE:TISA), the leading innovator of intelligent document recognition, announced today that it has been selected by Unisystems, the largest Greek IT integrator, to process 170 thousand medical prescriptions a day for a major social security organization.
The organization is faced with more than 3.5 million prescriptions every month, all of which need to be processed expeditiously, with information accurately captured and delivered into its data repositories. This was a huge challenge, given the potential for human error associated with manual processing; therefore, automating the process was a necessary step toward accomplishing cost-reduction and efficiency goals. The organization was looking for a secure, scalable solution with the capacity to accurately capture data from a large volume of documents.
In a highly competitive selection process, which included a full-scale benchmark of the solution, the organization evaluated offerings from various international and local vendors. With its superior solutions and world-class localized support offered by Unisystems, TIS's eFLOW software solution emerged as the clear choice.
The solution, supported by Unisystems, a TIS partner and the largest Greek IT integrator, integrated TIS's eFLOW with Documentum, a document management system, and AtkoSoft, a system for post-process verification. In 2010, the first full year in which the system will be operating, the organization expects to save $250-$300 million.
"TIS's track record as a solution provider for large government institutions across the world made all the difference and convinced this major social security organization to choose our solution," commented Omri Gelb, Executive VP of TIS. "eFLOW provided the flexibility to process colored images, ensured superior data accuracy levels and demonstrated unprecedented time-to-application and processing speed. Through the use of eFLOW, the organization will achieve substantial ongoing cost savings and improve operations in other areas."
About Top Image Systems
Top Image Systems is the leading innovator of enterprise solutions for intelligent document recognition, data extraction and validation of content entering organizations from various sources. Whether originating from electronic, paper or other sources, TIS solutions deliver the content to applications that drive the organization, such as ERP, CRM, IPS, PPC-systems and other operational application systems. 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 and direct sales. 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.