TEL AVIV and COLOGNE, Germany, March 19, 2013 (GLOBE NEWSWIRE) -- Top Image Systems, Ltd. (Nasdaq:TISA), a leading Enterprise Content Management (ECM) intelligent content capture and delivery and mobile capture and payments solutions provider, announced today that the Company has signed contracts and started implementation of eFLOW INVOICE at several leading Swiss enterprises in the first quarter of the year. Operating in various industrial sectors, including a manufacturer of motors and drive components, the Swiss representatives of an international control and automation solutions provider and of a leading logistics vendor, the new projects represent revenues of some $500,000 for Top Image Systems and indicate a healthy trend of new business for 2013.
eFLOW INVOICE captures invoices of any type, extracts relevant data and delivers it into the companies' ERP systems. eFLOW INVOICE for SAP ( or other leading ERP systems) then controls the extended invoice processing workflows, including the matching of data in the invoices to supplier information stored in the ERP database.
According to Michael Schrader, CTO at Top Image Systems Ltd., "The fact that our solutions are increasingly popular in Switzerland, where companies execute rigorous proofs of concept and demand highest quality speaks for itself. eFLOW INVOICE was selected because of the excellent presentations by our Swiss representatives, the very positive references from many other Swiss companies using eFLOW and primarily because of our superior invoice recognition and workflow technologies."These companies each generate an increasing volume of invoices each year," continued Mr. Schrader. "Optimizing the invoice process with eFLOW will significantly reduce their operating expenses, accelerate invoice processing time, ease the pressure on the accounting departments and provide transparency that is critical for making sound business decisions." 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. 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 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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