TEL AVIV, Israel and COLOGNE, Germany, April 8, 2014 (GLOBE NEWSWIRE) -- Top Image Systems, Ltd. (Nasdaq:TISA), a leading ECM (Enterprise Content Management) and BPM (Business Process Management) solution and MIP (Mobile Imaging Platform) provider announces $342,000 win to deploy eFLOW INVOICE for end-to-end AP automation at a major European dairy manufacturer. With net sales of over $2 billion and 3,500 employees in Europe and North America, this customer is one of the most innovative premium dairies in Europe, servicing retail, the food service and food industry sectors.
The project will entail an end-to-end Accounts Payable Automation system involving capture and workflow optimization. Top Image Systems overcame several strong competitors to win the deal. The customer selected Top Image Systems due to TIS' solid, local references, superior technology, expert professional services and global presence.
TIS' solution flexibility met key requirements for the project, such as integration with multiple ERP systems, including both SAP and JD Edwards. Because they operate within multiple ERP environments, the customer preferred to deploy eFLOW's ERP-agnostic workflow solution and mobile device approval process. The multichannel eFLOW INVOICE solution will process all the supplier invoices in various formats, including deployment of the eINVOICE portal to manage electronic invoices and managing multiple languages and currencies.
The customer will achieve substantial benefits with eFLOW, including shorter invoice cycle times, transparency and better cash flow management. Using eFLOW will also provide the company's managers with full visibility into the AP process. Moreover, this leading dairy producer expects to reduce costs by earning discounts on early payments.
"We are very proud that Top Image Systems was selected over many other tough competitors for this important project," remarked Egbert Fischer, General Manager, Central Europe for TIS. "The customer made a deep and thorough evaluation and decided that eFLOW INVOICE would best meet the company's AP automation requirements. We look forward to working with this new customer to further automate its Procure-to-Pay processes, leveraging our powerful recognition and classification technologies to maximize their productivity and straight-through processing."
About Top Image Systems
Top Image Systems™ (TIS™) Ltd. 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 content across enterprise applications. TIS' eFLOW Platform is a common platform for the company's solutions which is marketed in more than 40 countries through a multi-tier network of distributors, system integrators, value-added resellers and strategic partners. Visit the company's website at http://www.TopImageSystems.com for more information.
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.
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Source:Top Image Systems Ltd.