TEL AVIV, Israel, Sept. 15, 2010 (GLOBE NEWSWIRE) -- Top Image Systems, Ltd. (Nasdaq:TISA) (TASE:TISA), the leading ECM (Enterprise Content Management) innovator of intelligent document recognition, today announced that it has delivered a complete invoice processing and SAP-based workflow solution to a large power company that serves over 60 million power and gas customers, and is listed as a leading utility provider in Europe. The project is valued at over EUR1,500,000.
In a highly competitive selection process, the power company evaluated proposals from all major vendors in the market. With its superior technology and world-class integration with SAP systems, Top Image Systems (TIS) emerged as the clear choice with their solution eFLOW Invoice Reader. Highly flexible and scalable, the solution now accurately captures, recognizes, extracts, and validates information from 800,000 multilingual paper invoices and 600,000 web-based EDI invoices, as well as another 3.5 million invoices that are loaded directly into SAP. Automating and standardizing data processes has reduced manual labor, whilst complying with Italian rules and regulations, and unifying audit rules.
The solution that TIS has implemented includes five SAP systems that are located across the country with centralized processing. The seamless integration of eFLOW Invoice Reader with the customer's SAP ERP system means that the company utilizes the full potential of their existing system and the investment they have already made. Through this project, the power provider has achieved substantial ongoing cost savings and efficiency improvements.
"We are pleased to help this leading power company improve its operational efficiency by eliminating cumbersome manual processes and transforming them into fully automated ones. eFLOW addresses specific needs by providing accurate information, available for decision makers at all times, through an efficient, tightly integrated processing cycle," said Omri Gelb, Executive VP of TIS. "This is another project where our superior solution has delivered real process acceleration and hard cost savings."
About Top Image Systems
Top Image Systems 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' eFLOW Unified Content 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 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 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: Top Image Systems Ltd. Dana Rubin, Director of Corporate Marketing and Investor Relations +972 3 767 9114 dana.rubin@topimagesystems.com