TEL AVIV, Israel and COLOGNE, Germany, Feb. 5, 2013 (GLOBE NEWSWIRE) -- Top Image Systems, Ltd. (Nasdaq:TISA), a leading Enterprise Content Management (ECM) intelligent content capture and delivery solutions provider, announced today that the company is executing an organizational restructuring. This initiative aims to establish a scalable, balanced organization that will drive global expansion of its product lines and related business activities in the many markets in which it operates around the globe.
The new organization will drive growth in the US and Asia Pacific by promoting sales of the eFLOW® INVOICE and Digital Mailroom (DMR) solutions it sells in high volume in Europe, Middle East & Africa (EMEA), while in parallel introducing its mobile solutions to the European market. The new structure will allow for improved cross-organizational knowledge transfer that will enable Top Image to meet these aims, with the goal of doubling revenues and profits over the next two to three years.
The Company is setting up a Global Solutions group to develop, manage and support market-driven solutions worldwide. To run the group, TIS has promoted Michael Schrader, currently serving as Managing Director, TIS EMEA, to assume the role of Chief Technology Officer (CTO) and SVP, Global Solutions. Mr. Schrader's mission will entail maximizing TIS' business potential by defining and bringing to market high-quality solutions that deliver superior value to TIS' customers.
Top Image Systems' CEO Dr. Ido Schechter will manage the customer-facing Field Operations group, which will be responsible for sales and delivery. The Field Operations group has the mission of extracting the solutions' maximum business potential in each of seven regions, which are similar to those composing the current TIS structure. The regions will include the German-speaking DACH countries, Poland & Baltics; Southern Europe, France, Benelux and Africa; UK & Nordics; North America; Latin America, Asia-Pacific and Japan.
The two sections of the organization will work closely together and implement integrative processes with the leadership and support of the Active Chairman, Izhak Nakar, who takes executive responsibility for approving the global solution portfolio and for facilitating successful sales and delivery of the solutions across the different regions.
Mr. Nakar commented, "This efficient, new and scalable structure has been designed to facilitate clear accountability for the different products and solutions, global 'pooling' of expertise, and empowerment of all the regions; these are the steps required in order for TIS to move forward and achieve its strategic goals."
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.