TEL AVIV, Israel, March 5, 2012 (GLOBE NEWSWIRE) -- Top Image Systems™, Ltd. (TIS™) (Nasdaq:TISA), a leading ECM (Enterprise Content Management) solutions provider, today announced that Consorzio Operativo Gruppo Monte dei Paschi di Siena, one of the services companies of the MPS Group - the oldest and the third largest banking group in Italy, has selected the eFLOW™ Banking Platform.
Commented Omri Gelb, Executive Vice President of Top Image Systems, "We are very pleased to have been selected by Consorzio Operativo Gruppo MPS. Top Image Systems provides intelligent data capture technologies combined with industry-specific knowledge and extensive experience implementing banking solutions around the globe to give our customers in the banking and financial industry the very best service possible. We look forward to meeting the bank's comprehensive document processing needs and building a long-lasting relationship."
About Consorzio Operativo Gruppo Monte dei Paschi di Siena
Consorzio Operativo Gruppo is the center for development and management of MPS computer and telecommunications systems, providing back-office administration services for the various companies in the MPS Group. With an overall computing capacity of about 18,000 MIPS (Million Instructions Per Second), it employs over 2,200 people in five centers in Italy. Its major activities are: Information and Communication Technology Management, all the maintenance and development of the computer systems for the associated banks and many of the product companies. Its main activities are Application Management (software), Facility Management (hardware and telecommunications systems), and Help Desk (both for applications and technology). All the back-office activities supporting the banking processes are managed by this center, including operations on current accounts, portfolio, collections and payments, money, stock and foreign currency management, treasury, etc. as well as auxiliary support services.
Banca Monte dei Paschi di Siena, founded in 1472 is considered to be the oldest bank in the world. Today, the parent company of Italy's third largest banking group, the bank holds significant market shares in all areas of business. The Montepaschi Group is present all over Italy and in the major international financial centers, with operations ranging from traditional banking activities to Private Banking (mutual funds, wealth management, pension funds, and life insurance policies) and Corporate Banking (project finance, merchant banking, and financial advisory), with a special vocation for household accounts and small and medium enterprises. With some 33,000 employees and over 3,000 branches, the Montepaschi Group offers its services to more than six million customers.
About Top Image Systems
Top Image Systems™ (TIS™) 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 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. 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.