TEL AVIV, Israel, Dec. 10, 2007 (PRIME NEWSWIRE) -- Top Image Systems, Ltd. (Nasdaq:TISA) (TASE:TISA), the leading innovator of intelligent document recognition, and Contempus, the leading supplier of software solutions and expertise in Enterprise Information Management, today announced an extended European wide strategic alliance for the accounts payable (AP) market.
Dr. Ido Schechter, CEO of TIS, commented, "Our partnership with Contempus strengthens TIS's offering in the AP market. We now have the ability to offer customers an end-to-end solution independent of their ERP system, allowing us to take our work with SAP and Oracle in to other market areas. Contempus has a strong presence in the European marketplace and we are excited about the opportunities that the partnership presents."
Rune Loebersli, Managing Director, Contempus said, "The agreement with TIS demonstrates our increased focus on the European market. We chose to partner with TIS because they are a solutions orientated data capture company that clearly understands the AP market. They offer first class technology and their strong global presence offers us opportunities to further develop the partnership across the world."
Dr. Schechter further commented, "Our partnership starts with immediate effect in the UK, with a view to roll out across Europe in early 2008. We are pleased that Contempus recognised our positive track record in the UK when choosing TIS as their lead partner in this market."
About Contempus
The company is part of Affecto Group which employs over 1000 people and holds offices in Finland (Main Office), Sweden, Denmark, Poland, Estonia, Litauen, Latvia and Norway. Throughout Europe and the U.S., the Contempus product portfolio is distributed by a channel network of certified business partners.
Visit www.contempus.com
About Top Image Systems
Top Image Systems is a leading innovator of enterprise solutions for managing and validating content entering organisations. Whether originating from electronic, paper or other sources, TIS solutions deliver the content to applications that drive the organisation. TIS's eFLOW Unified Content Platform is a common platform for the company's solutions. TIS markets its platform in more than 30 countries through a multi-tier network of distributors, system integrators and value added resellers, as well as strategic partners. For more information on TIS, visit the company's web site www.TopImageSystems.com.
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"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995:
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. 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.