Top Image Closes $1.1M Deal With Global Power & Control Provider to Deploy End-to-End Purchase to Payment Solution
TEL AVIV, Israel, Nov. 5, 2012 (GLOBE NEWSWIRE) -- Top Image Systems, Ltd. (Nasdaq: TISA), a leading ECM (Enterprise Content Management) intelligent content capture and delivery solutions provider, today announced a multi-phased pan-European deal valued at $1,064,000 for licenses and maintenance to provide a comprehensive eFLOW® INVOICE, solution for invoice processing, to a global specialist in energy management with operations in more than 100 countries, over 130,000 employees and sales of over 29 billion dollars in 2011.
The solution leverages the unique and flexible eFLOW® ECM platform to provide fully automated multi-channel invoice capture and processing of pdf files using the unique eFLOW® PDFR (PDF Reader) along with paper and e-invoice processing, all on a single platform. This ability to provide one comprehensive invoicing solution, along with the ability to integrate with the company's numerous disparate ERP implementations, were the reasons that the customer selected TIS. In the first year, the system will process 270,000 invoices and by phase 4 with added geographical locations across Europe will process an annual volume of 1.2 million invoices, with a long-term objective for TIS to become a global Shared Services partner to process the over 4 million invoices that the company receives globally. The project plans for a Go Live by April 2013.
In the past, the customer processed invoices at offices across Europe and at their manual central invoice processing site in Poland. Now using the automated system, the customer plans for the invoicing center to process six times its current capacity without added headcount. By automating all routine invoice receipt, review and approval processes, eFLOW enables the accounts payable staff to focus on exceptional issues requiring individual attention. Moreover, the system provides all relevant authorized parties, from Procurement to Finance to various personnel across different departments involved in company requisitions, with monitoring and document tracking tools for full visibility into invoicing processes.
The eFLOW solution will help the Invoice Processing Center achieve faster cycle times and provide better service across the enterprise. The solution is expected to improve productivity, accuracy and compliance with regulations. Accelerated invoicing cycle times will enable the company to engage in Supply Chain Financing and generate millions in savings by remitting invoices in time for early payment discounts.
"We are proud and excited for the opportunity to work with a company of this caliber," stated Barry Richards, Managing Director, TIS UK. "We are confident that our comprehensive invoicing solution, incorporating technologies that manage the newest e-invoice formats, the ability to integrate with diverse ERP applications and best-in-class workflow functionalities, will resolve this global enterprise's current challenges and enable them to fulfill the project's operational and business objectives, both in the initial phases of the project as well as far into the future."
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.
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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.