TIS Partners With Xerox Czech Republic to Provide Outsourced Invoice Processing for a Leading Bank

/ Source: GlobeNewswire

TEL AVIV, Israel, Dec. 1, 2010 (GLOBE NEWSWIRE) -- Top Image Systems, Ltd. (Nasdaq:TISA) (TASE:TISA), the leading ECM (Enterprise Content Management) innovator of intelligent document recognition, has partnered with Xerox Czech Republic to provide invoice processing solutions to a large bank in the Czech Republic. The bank is a member of a global organization with a presence across Europe, the Americas and Asia-Pacific.

The bank was looking to automate and outsource its existing manual system for processing invoices, with a view toward reducing costs while improving speed and accuracy of processing. Leading document vendors were invited to demonstrate their products as part of the selection process. Following stringent review and evaluation, the partnership of Xerox and Top Image Systems (TIS), using TIS' eFLOW Unified Content Platform, proved to be the strongest solution.

Xerox will be using eFLOW Invoice Reader and utilizing TIS in a consultancy capacity for the implementation of fully outsourced invoice processing. This will include scanning, data capture, export, and data transfer via B2B secured connection. Upwards of 100,000 invoices per year will be processed.

"The bank was impressed by the eFLOW platform's excellent recognition rates," stated Ludek Louda, Business Development Manager, Xerox Czech Republic s.r.o. "Our collaboration with TIS will help reduce Xerox's operating costs in the shared service center in Prague in addition to providing accurate and improved services."

 "We have worked successfully with Xerox for many years in France, and are pleased to expand our relationship with this new project in the Czech Republic," commented Omri Gelb, Executive Vice President at TIS. "Our eFLOW platform has yet again demonstrated its strength as a leading product on the market, and we are confident that together with Xerox we go above and beyond the expectations of this leading bank." 

About Xerox Corporation

Headquartered in Norwalk, CT, and with 130,000 employees in 160 countries, we're never far from your business. As a $22 billion company, we are the world's leading enterprise for business process and document management. We provide true end-to-end solutions, from back-office support to the printed page, to help you operate your business and manage information.

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 ContentPlatform 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 Dana Rubin, Director of Corporate Marketing and Investor Relations +972 3 767 9114 dana.rubin@topimagesystems.com