Top Image Systems Wins Contract Worth $345,000 With Major European Government Office
eFLOW(R) Digital Mailroom to Process All Documents for Two States and to Expand Project to Five States by the End of 2014
TEL AVIV, Israel and COLOGNE, Germany, Oct. 14, 2013 (GLOBE NEWSWIRE) -- Top Image Systems Ltd. (Nasdaq:TISA) a leading ECM (Enterprise Content Management) and BPM (Business Process Management) and mobile image processing solutions provider, today announced a deal worth $345,000 to provide Digital Mailroom services to one of Europe's largest government offices. This deal was won based on a successful previous installation in another region of the group's offices earlier this year. Top Image Systems now manages documents for two states and will expand to manage the document processing operations for five states by the end of 2014.
Up until now, this government office had manually processed individual folders which required vast amounts of space and time for the paperwork and filing. The office chose Top Image Systems eFLOW because of its high-performance, multiple-OCR/ICR-engine recognition platform and will now start to process 100,000 documents per day, eventually reaching 150,000 documents per day thanks to eFLOW's open architecture and scalability. The project enables automatic classification and processing of document files for specific demographic groups.
For the current project TIS is challenged to meet tight deadlines and to both meet specific requirements of the current region while also maintaining uniformity in the implementation across the national governmental institution. eFLOW Digital Mailroom has seen excellent traction in Europe in 2013, with a recent win at a European Central Bank and at another three offices related to the current customer which are also considering installations.
Michael Schrader, CTO and SVP, Global Solutions for Top Image Systems remarked, "Top Image Systems won the first document process automation project for this government institution because of a tender, and now after being very happy with that installation, they have called us in to implement our eFLOW Digital Mailroom in another region as well. We will be able to help them make the leap to digital documentation and processing, saving the government time, space and money."
About Top Image Systems
Top Image Systems(TM) (TIS(TM)) Ltd. is a leading innovator of enterprise solutions for capturing and validating structured and unstructured content entering organizations from various sources and managing content-driven business processes. Whether originating from mobile, electronic, paper or other sources, TIS solutions automatically capture, process and deliver content across enterprise applications. TIS' flagship eFLOW platform and diverse business process and mobile image processing solutions are marketed in more than 40 countries through a multi-tier network of distributors, system integrators, value-added resellers and strategic partners. Visit the company's website at http://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.
CONTACT: Company Contact:
Shelli Zargary
Director of Corporate Marketing and Investor Relations
shelli.zargary@topimagesystems.com
+972 3 767 9114
Investors:
James Carbonara
Regional Vice President, Hayden IR
james@haydenir.com
+ 1 646 755 7412