This recent accomplishment follows TIS's success in the Eastern Europe
AP market, including Citibank, Johnson & Johnson and Slovak Post
Sixth strategic customer of the top 20 automobile manufacturers
worldwide to adopt TIS solution
TEL AVIV, Israel, Dec. 9, 2009 (GLOBE NEWSWIRE) -- Top Image Systems, Ltd. (Nasdaq:TISA) (TASE:TISA-L), the leading innovator of intelligent document recognition, announced today that its eFLOW Ability has been selected by Volkswagen Slovakia, a production company of the Volkswagen group, the world's leading automobile manufacturer and the largest carmaker in Europe.
With this decision, Volkswagen Slovakia joins well established organizations like Citibank, Johnson & Johnson, Diageo, Slovak Post and Slovak Tax as well as five other major players in the European automobile market that are already using eFLOW-based solutions.
Given that Volkswagen operates in a competitive market, and especially in light of the global economic crisis, streamlining the accounts payable (AP) function was a critical step toward accomplishing certain cost-reduction and efficiency goals. After technologically benchmarking more than 15 solution providers, Volkswagen Slovakia selected TIS's eFLOW Ability to provide a complete P2P (purchase to payment) automated process. TIS's eFLOW Ability will help Volkswagen Slovakia utilize the full potential of the investment it has already made in its SAP ERP system.
eFLOW will automate the accounts payable process by automatically capturing and recognizing 250,000 paper and electronic invoices per year, provide the approval procedures through its SAP-based workflow, and deliver the data to Volkswagen Slovakia's SAP system.
Volkswagen Slovakia will start implementing eFLOW as the core P2P processing system in its Slovakian operation. In line with TIS's strategy to widen its market reach by working with partners, TIS's long-time partner, scanservice, is priming the project. scanservice brings extensive expertise in IT solutions and long-term quality service.
Before implementing eFLOW Ability, a manual data entry process was used to identify the key pieces of information needed to process invoices after scanning. By converting to an automated process, Volkswagen Slovakia will be able to minimize manual intervention and process more payment transactions quicker, and with a significantly higher level of accuracy and security. The information extracted from each invoice will be effectively verified against and delivered to the SAP system. Processing with eFLOW will ensure on-time payment and improve overall process control and compliance.
"With Volkswagen Slovakia's expected future growth, we needed to have the infrastructure in place to process invoices as timely and efficiently as possible to help minimize costly manual procedures and maximize efficiency of vendor pay," said Vladimir Machalik, Volkswagen Slovakia press agent. "TIS solutions simplify a complex business process, improve the usage of our SAP ERP system, and allow us to better utilize our current staff as we continue to grow."
"We are happy to add yet another leading global company to our list of references in the automobile industry. We are also pleased to see that the strategic decision we took to expand our indirect sales is bearing fruit and serves as a good revenue channel," said Mr. Gelb, Executive VP of TIS. "Our superior technology and scanservice's excellent knowledge of the products and market are a winning combination, benefiting clients in the P2P market. Volkswagen Slovakia is the sixth customer in the top-tier automobile industry to use eFLOW as the invoice processing automation platform and gain true value for its SAP ERP solution."
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.
The Top Image Systems logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4212
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.