TEL AVIV and LONDON, April 17, 2013 (GLOBE NEWSWIRE) -- Top Image Systems Ltd. (Nasdaq:TISA), a leading Enterprise Content Management (ECM) intelligent content capture and delivery and mobile payments solutions provider, announced that a large outsourced services provider in the UK has chosen TIS as a preferred supplier of Digital Mailroom and invoice processing services for its clients. The contract is for a minimum of three years and minimum eFLOW revenue of approximately $500K. The company expects to use TIS's eFLOW® platform to capture up to 8 million documents per year. The UK service provider runs over 50 client mailrooms, with a significant presence in the legal industry. Following its initial interest in the eFLOW Invoice Reader solution, the company saw demonstrations of eFLOW's flexible and scalable 3-tier architecture and decided to offer eFLOW Digital Mailroom services as well. The company began by implementing eFLOW internally in its Finance Department, automating its accounts payable operations, and then expanded the use of eFLOW to become a key platform for servicing customer contracts. Future plans include TIS providing archiving, hosted repository and workflow services as well. Commented Barry Richards, Managing Director at Top Image Systems UK, "We competed for this contract against the top document capture and invoice processing companies in the world and were chosen for our superior offering and service. I would like to congratulate our UK team for the impressive demonstrations they made to the client and for building a strong relationship with them which sealed the deal in the end. Overall, excellent technology and the ability to use our in-house professional services with an inclusive pricing model helped win this contract for Top Image Systems." The agreement was concluded and system went live in Q4 2012; the contract stipulates quarterly billing in advance of each quarter, with options to increase volume and revenue on top.
About Top Image SystemsTop 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 market's 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. 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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