TEL AVIV, Israel and LONDON, May 1, 2013 (GLOBE NEWSWIRE) -- Top Image Systems Ltd. (Nasdaq:TISA), a leading Enterprise Content Management (ECM) intelligent content capture, workflow and delivery and mobile payments solutions provider, announced today that a leading web-based disbursement account company has selected eFLOW® to optimize the specialized document management services they provide to the shipping industry. The project is valued at some $500K.
The outsourcing company was keen to find a solution to overcome the bottleneck that manual data entry was causing their business. With 3 shifts round-the-clock, the busy company had reached its limits and meeting growing demand would entail hiring more clerks and even expanding their premises. Their main business of outsourcing shippers' port documentation, involving processing of invoices, or disbursement accounts, for the growing number of shipping companies they service, has reached a volume of over a million invoices per year. Manual processing of the specialized Statement of Fact documents typical to the shipping industry employ as many as 5 clerks for 30 – 40 minutes. TIS designed a prototype application using eFLOW to overcome the tough challenges and beat the competition hands down: eFLOW processed the document in 2-3 minutes, improving accuracy and enabling a ten-fold increase in productivity.
In the first phase of the project eFLOW will process the SofF documents, and then in the second phase will add disbursement account processing.Commented Top Image Systems UK Managing Director Barry Richards, "The fact that the shipping industry is adapting to the digital world creates a great business opportunity for TIS. And this customer is a natural partner with whom to realize such an opportunity. eFLOW® will increase their productivity, save the company time and help them better respond to their customers' needs. We have also empowered them to gain even more new business; by helping shippers transition documentation to PDFs that can be read automatically even faster and more accurately with eFLOW®, we help them even further improve service to these customers." 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, mobile or other sources, TIS solutions deliver the content to applications that drive the organization. TIS' eFLOW is a common platform for the company's solutions. TIS markets its solutions 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. 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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