TEL AVIV and LONDON, Oct. 10, 2012 (GLOBE NEWSWIRE) -- Top Image Systems, Ltd. (Nasdaq:TISA), a leading ECM (Enterprise Content Management) intelligent content capture and delivery solutions provider, and Océ Business Services, a Canon Group Company, today announced the successful deployment of a $5.6 million (UKP 3.5m) per annum multi-year contract for an outsourced managed print services solution incorporating eFLOW® Digital Mailroom at a leading UK-based financial services provider. Serving some 2 million UK customers, the customer is a part of an international life insurance, pensions and investment supplier whose 2011 sales reached EU 5.7 billion. After successfully going live, the solution is being enhanced to an even higher level of fax and check automation.
Océ Business Services was chosen by tender to streamline the customer's printing and scanning services with a fully outsourced solution for managed print services and inbound mail document capture processing. The project entailed consolidating the mail services from two locations 200 miles apart at one new outsourced location, involving both relocation of employees and specification to automate the formerly manual work processes. Receiving some 95,000 structured and unstructured documents scanned monthly, including checks and claim documents 10 – 200 pages in length, eFLOW has successfully diverted all the customer's inbound mail to the outsourced center, processing and delivering direct data feeds together with images into their workflow and document management systems. Document processing times have been substantially reduced, incorrectly completed documents are detected earlier on, payments and policy documents are processed faster and clients' document statuses can be pinpointed in the system, all enabling the customer to meet its current and future SLAs.
To address these challenging objectives in the short time allotted, Océ Business Services partnered with TIS, both for its high-performance, flexible and scalable eFLOW Digital Mailroom software, as well as for its considerable expertise and experience in defining and executing enterprise-wide document and business process automation solutions.
"After cooperating with TIS on this successful project, Océ Business Services is interested in developing a deeper partnership based both on our offering the high-added-value of the eFLOW solution suite to our print management services customers, as well as through TIS making Océ equipment and services available to its customer base. Thanks to the excellent reference case at this first joint customer, we see a great opportunity for joint TIS-Océ business, across UK as well as elsewhere in Europe and around the globe," remarked Steve Berney, Business Group Director, Océ Business Services.
"It is an honor for us to have been selected by such a high-caliber professional services and solutions provider such as Océ," remarks Barry Richards, Managing Director, TIS UK. "Our enterprise customers must take advantage of the most sophisticated solutions available on the market in order to provide their clients with the service levels they demand. The system at this leading financial provider receives inbound mail via four industrial-strength scanners and 5 dedicated fax lines, provides "touchless" processing for back scanning, manages HR documents with no human contact and uses OCR intelligence for highly detailed document interrogation and classification, data validation and prioritization to determine accurate and detailed workflow routing. This complex, automated processing lets the customer efficiently offer an extremely wide range of sophisticated financial and insurance services to a virtually unlimited volume of customers. We are sure that this project will be followed by many similar such projects across the industry."
About Océ Business Services
Océ Business Services provides outsourced document process management services and technology that help businesses and public sector organizations improve operational efficiency and contain costs. Our onsite and offsite services span the document lifecycle, from creation through disposal, with about 2,700 employees at nearly 700 sites in Europe. Océ Business Services combines unparalleled experience, comprehensive capabilities across industries and document processes, and Six Sigma® methodologies to help clients elevate process performance.
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 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. 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.
CONTACT: Company Contact: Shelli Zargary Director of Corporate Marketing and Investor Relations 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.