TEL AVIV, Israel, Feb. 22, 2011 (GLOBE NEWSWIRE) -- Top Image Systems™ (TIS™), Ltd. (Nasdaq:TISA) (TASE:TISA), the leading ECM (Enterprise Content Management) solutions provider today announced it has won the contract to provide expanded document processing solutions for SIBS Processos, the largest Banking Service Bureau of Portugal.
SIBS Processos already uses TIS's eFLOW™ to process tens of millions of documents. The new contract involves an upgrade to TIS's latest technology eFLOW4.5. Initially SIBS is using eFLOW to process banking documents and applications. This will then be extended to other document types including invoices and unstructured medical insurance forms.
SIBS was looking for a document processing solution which would help them improve data accuracy, turnaround times, and customer service. SIBS performed a stringent evaluation process of the products in the marketplace, especially focused on functionality, capability of integration, and ease of implementation. References from existing customers were also sought.
eFLOW is a group of modular solutions based on one platform, and it was this in particular which appealed to SIBS; providing a one stop shop for any application they already have or will develop in the coming years. In addition TIS was praised for a consistent investment in technology to provide solutions to new requirements and a fast changing market.
"We are pleased to have been chosen by SIBS. We are confident that we will exceed SIBS' expectations, quickly bringing cost savings and efficiencies to the organization, and that our technology will enable them to easily expand these benefits to other areas over time," said Omri Gelb, Executive Vice President at TIS.
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's 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.
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