TEL AVIV, Israel and LONDON, Jan. 8, 2013 (GLOBE NEWSWIRE) -- Top Image Systems, Ltd. (Nasdaq:TISA), a leading ECM (Enterprise Content Management) intelligent content capture and delivery solutions provider, today announced winning a project valued at $320,000 for the first year to install an automated end-to-end purchase to payment (P2P) solution for a leading UK retailer. Part of a large European retail group, the company is growing its business, currently operating over 325 stores in Ireland and the UK. eFLOW® Invoice was chosen to process all the chain's incoming invoices, whether paper or electronic, in any format – including pdf files by means of the unique eFLOW® PDFR (PDF Reader), xml and other popular e-invoice file types – all via one efficient workflow - integrated with SAP - on one consolidated platform. eFLOW Invoice is able to capture any invoice entering the organization, whether received via scanner, email, file transfer or mobile phone.
After considering six alternative solutions, the retailer chose TIS because of its multi-channel approach, as well as the expertise with which TIS was able to answer questions and help them resolve problems in the e-invoice arena. With Go Live scheduled for January 2013, the solution is expected to help the retailer quickly eliminate all manual invoice processing, significantly increase efficiency, reduce invoice cycle time and cut costs. From purchasers to accounting personnel to financial and executive management, everyone across the enterprise will have full visibility into the new invoice system.
The solution will increase productivity, accuracy and compliance with regulations, such as those for VAT. With optimized invoice management, invoice status and payment dates will be transparent and will facilitate Supply Chain Financing, which in turn will enable the retailer to reduce expenses by paying invoices in time for early discounts. At the same time, using eFLOW Invoice will improve the retailer's responsiveness to suppliers."TIS expects that carrying out the project with this well-known retailer will bring TIS and eFLOW greater exposure and sales opportunities across the UK market," stated Barry Richards, Managing Director, TIS UK. "In today's economy, companies increasingly recognize that an end-to-end, automated purchase to payment solution that improves visibility into and control of payments, while reducing invoice processing timescale and cost, is no longer a "nice-to-have" but is critical for achieving and maintaining operational efficiency." 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 www.topimagesystems.com for more information. The Top Image Systems logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4212 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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