TEL AVIV, Israel and COLOGNE, Germany, June 30, 2016 (GLOBE NEWSWIRE) -- Top Image Systems Ltd. (NASDAQ:TISA) a global innovator of intelligent content processing solutions, announced today that the Company has signed an agreement to deploy eFLOW® AP at a mid-sized European medical device company. Operating ten subsidiaries worldwide, this manufacturer has an established reputation for delivering high quality titanium implant systems for the surgical management of fractures. The deal is estimated to reach a total contract value of some $125,000 in 2016.
Receiving some 30,000 purchase orders and 30,000 invoices annually from widely dispersed suppliers, partners and customers worldwide, this customer decided to automate its invoice and purchase order processing to increase accuracy and efficiency and to accelerate its procurement and sales order processing cycles. Recommendations from a trusted local system integrator and favorable customer references together with Top Image Systems’ solid reputation for superior document recognition quality and precision led to the selection of eFLOW AP®.
“We are encouraged by the momentum we are starting to build for our accounts payable solution, especially with mid-market companies,” commented Michael Schrader, CEO Top Image Systems. “Our strong reputation for high quality invoice recognition and extraction, coupled with the recent release of our end-to-end Accounts Payable automation solution, is positioning us for growth.”
About Top Image Systems
Top Image Systems™ (TIS™) Ltd. is a leading innovator of enterprise solutions for capturing and validating structured and unstructured content entering organizations from various sources and managing content-driven business processes. Whether originating from mobile, electronic, paper or other sources, TIS solutions automatically capture, process and deliver content across enterprise applications. TIS’ flagship eFLOW platform and diverse business process and mobile image processing solutions are 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.
Company Contact: Shelli Zargary Director of Corporate Marketing and Investor Relations Top Image Systems firstname.lastname@example.org +972 3 767 9114 Investors: James Carbonara Regional Vice President, Hayden IR email@example.com + 1 646 755 7412
Source:Top Image Systems Ltd.