SOURCE: Top Image Systems Ltd.

August 29, 2006 07:00 ET

Top Image Systems and d.velop digital solutions Announce First Joint Win in Germany

TEL AVIV, ISRAEL -- (MARKET WIRE) -- August 29, 2006 -- Top Image Systems Ltd. (NASDAQ: TISA), the leading innovator of data capture solutions, and d.velop digital solutions (dds), the subsidiary of d.velop AG, the established provider of integral innovative solutions for document and workflow management, as well as digital archival, today announced the implementation of their first joint project in north Germany.

The combination of d.3, d.velop AG's platform and Top Image Systems (TIS) eFLOW helps customers manage their entire flow of information more efficiently. The Muehlhan group chose this combined solution to process all its incoming supplier invoices.

Muehlhan is the German surface protection specialist, focused primarily on marine surface protection. With a network of over 20 subsidiaries, Muehlhan provides the highest available efficiency onsite and in selected shipyards on a worldwide basis.

The partnership between dds and TIS provides the customers with an advanced complete digital business information process solution. This combined solution reduces the costs of incoming information processing and distribution across the organization. It also improves productivity and efficiency while decreasing the turnaround time of incoming information availability for on-going operations.

"As we always strive for greater efficiency, we found the combined solution of eFLOW and d.3 as the ideal solution for our needs," stated Thomas Lukannek, Head of Finance and Accounting of the Muehlhan group.

To provide this complete solution, TIS provided its InvoiceReader, a standard, generic and easy-to-implement invoice-specific solution based on the eFLOW platform. It was integrated with d.velop AG's d.3 content repository and workflow as well as the ERP system of Microsoft Dynamics NAV (former Navision).

"The combination of TIS's eFLOW platform, especially the new InvoiceReader, d.velop AG's workflow and Microsoft Dynamics NAV's ERP system provides customers with a complete solution that addresses their specific complex needs. It enables them to speed invoice workflow, reduce costs and improve the timeliness and accuracy of payments," said Michael Schrader, GM of TIS Germany. "We are excited about adding a significant customer like Muehlhan group to our growing list of customers in Germany, while demonstrating a tight integration to back-office systems like the ones provided by d.velop AG and Microsoft Dynamics NAV. We look forward to continued cooperation with both companies and the formation of more joint business opportunities."

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 30 countries through a multi-tier network of distributors, system integrators, value added resellers as well as strategic partners. Visit the company's website 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. 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 plans and schedules, rapid technological change, changes and delays in product approval and introduction, customer acceptance of new products, the impact of competitive products and pricing, market acceptance, the lengthy sales cycle, proprietary rights of the Company and its competitors, risk of operations in Israel, government regulation, dependence on third parties to manufacture products, quarterly fluctuations in sales of products in the Data Capture market (where in general the fourth quarter is the strongest and the first quarter is the weakest), the Company's ability to successfully integrate TIS Japan, litigation (including litigation over intellectual property rights), 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 Information

  • Contacts:
    Adi Bar-Lev
    Investor and Public Relations Manager
    Top Image Systems Ltd.
    +972 3 7679114
    Email Contact