TEL AVIV, Israel and COLOGNE, Germany, Nov. 21, 2012 (GLOBE NEWSWIRE) -- Top Image Systems Ltd. (Nasdaq:TISA), a leading Enterprise Content Management (ECM) intelligent content capture and delivery solutions provider, announced today that a major German newspaper company has signed a six-figure contract to deploy the eFLOW® Invoice Reader solution for processing of both paper and electronic invoices. The current project marks the first of three large projects in the arena of invoice and procurement management. Top Image's solution was chosen for its scalability, deep industry-specific experience and documentation, great references in the German media sector, as well as for its rapid response.
eFLOW Invoice Reader and eFLOW Invoice for SAP will handle a high volume of paper invoices along with a substantial number of electronic invoices per annum. Following the initial implementation of eFLOW Invoice, the customer plans in the next phase to automate its procurement workflow, with the objective to eventually use the solution to optimize their end-to-end financial business processes. This project will be especially influential for future TIS activity in the sector as it is the second of two TIS customers within a large German media conglomerate.
Michael Schrader, Managing Director, TIS EMEA, said, "We are excited to see our activity expanding in the European media market with these important customer wins in the German communications sector. These companies are not only buying TIS solutions for invoicing, they are using our expertise to optimize their broader workflow processes. In times when operational efficiency is ever more important, these companies recognize that implementing eFLOW shortens processing time and reduces printing, copying and storage costs, while also increasing transparency."
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 Europe and 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.